Major International Business Headlines Brief::: 27 June 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  27 June 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Liberia: Maryland Shuts Down Four Mining Companies

ü  Nigeria: Form 'M' No Longer Requires PVs - CBN

ü  Nigeria: 65% of Nigerians Depend On Agriculture - NBS

ü  Nigeria: Niger Raids Illegal Mining Sites, Arrests Seven Miners, Women in
Minna

ü  AfDB President Adesina Looks Back After Eight Years At the Top

ü  Nigeria: Netizens Condemn IOCs, Saboteurs, Urges Govt to Protect Dangote
Refinery

ü  Nigeria: Satellite Giant Multichoice Has Not Cut Its Cable TV
Subscription Prices in Nigeria As Claimed Online

ü  Tanzania: Seoul Inks Deal to Build Fishing Port in Z'bar

ü  South Africa: SA Requested the Establishment of Two Panels At WTO

ü  Somalia: Somali President Criticizes Ethiopian-Somaliland Sea MOU On
Independence Day

ü  Southern Africa: Namibia Inks Amendment to Establish SADC Parliament

ü  Ethiopia: New Asset Recovery Draft Bill Aims to End Economic Crimes in
Ethiopia

ü  Korean comic giant set for $2.7bn US market debut

ü  India seeks report on iPhone factory hiring practices

ü  Mechanic claims sacked for raising Boeing concerns

ü  $100m assets linked to 1MDB to be returned to Malaysia

 


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Liberia: Maryland Shuts Down Four Mining Companies

On several occasions, the residents alleged, the Chinese nationals mining in
that area allegedly extended an apology for violating the community's
tradition.

 

Maryland County Superintendent Henry Cole has ordered the immediate closure
of four mining companies for illegally operating in the southeastern county
of Liberian.

 

The Superintendent has accused the companies of allegedly failing to attend
a called meeting he had arranged.

 

He said the meeting was intended for the companies to present their mining
documents to the county authorities and to explain their legalities in the
county.

 

 

Unfortunately, he said only the Jupiter Mining Company attended the meeting.
The other four companies, including the Soar Mining Company, operating in
Gbeken Township; Dupe Mining Company, operating in Karloken; AB Mining
Company; and a mining company belonging to District #3 former Representative
Isaac Roland Blalu, failed to attend the meeting.

 

He termed the absence of the four companies as a signal that they are
operating under the shadows of illegal activities.

 

Superintendent Cole emphasized that he has received several complaints from
citizens linking him to the illegal operations of the companies in that part
of the county.

 

"We have been accused just for these same companies, and I thought we could
have found ways to solve this problem, but the companies are trying to play
smart game with our people," he alleged.

 

He urged the Maryland Joint Security to take charge of implementing the
orders.

 

The Superintendent's mandate took effect on Saturday, June 22, 2024,
following several public outcries against illicit mining activities in the
county.

 

In May this year, several citizens including residents of Gbeken town
besieged the area of the Soar Mining company in demand of benefits for their
village.

 

The residents alleged that the Chinese nationals mining in that area
extended an apology on several occasions for violating the community's
tradition.

 

After the Chinese's alleged apologies, the locals claimed they were forced
into a social contract to get some benefits from their resources.

 

During one of the negotiations, the locals said they demanded the Chinese
mining company pay LD$100,000 monthly and US$2,000 every six months for
Surface Rental Fees.

 

 

However, they claimed that this agreement hadn't been reached.

 

The community also disclosed that a verbal Memorandum of Understanding (MoU)
includes building of an elementary school, paying three volunteer teachers,
paving the roads to the town, monthly dues, and erecting hand pumps, among
others, were discussed with the company.

 

According to them, a copy of the MoU, which the Chinese company hasn't
officially confirmed, was sent to Senator J. Gbe-bo Brown for viewing before
approval.

 

Once the MoU is approved and implemented, the locals believe they will enjoy
their resources.

 

"As we speak, day and night, new Chinese nationals are coming in and out; we
don't know whether they [are] coming with paper from [the] government. We
don't know, but we think our people are the problem," a source from the
community alleged.

 

Meanwhile, the General Town Chief of Gbeken, Mr. Johnson Pokolo, disclosed
that they haven't reached an agreement with the company.

 

"So we halted their operation, and they came to apologize to us. But while
apologizing, they asked the town for calm, and we did, with the condition
that they should provide other benefits, which they haven't done yet," he
said.

 

Due to the company's alleged failure to meet its obligations, the Town Chief
said the Town's youth and women have stopped the Chinese operation.

 

He said they gave the companies a grace period after the intervention of the
Karluway concerned youths.

 

"Let me say, we locals of the town are suffering due to outside forces.
Though the town is blessed with these resources..., we are not getting
[anything] as [a] people because companies visiting our area claimed to be
sent by our government or by our Representatives and Senators," he
explained.

 

Speaking on behalf of the Chinese company, the black manager, Nyemah
Sheriff, stressed that they haven't gotten other permits, including the EPA
permit, because they haven't begun real mining in the area.

 

Several machines and Chinese nationals were seen in the area of their
operation, but the black manager alleged that they were not mining.

 

"Yes, we came here in February, but since then, we haven't begun normal work
due to other pressures from the town or local county authorities," he said.

 

Once normal activities begin, he assured that the needs and wants of the
people will be addressed.

 

- New Dawn.

 

 

 

 

Nigeria: Form 'M' No Longer Requires PVs - CBN

The Central Bank of Nigeria (CBN) has announced the discontinuation of the
Price Verification System (PVS), saying effective July 1, 2024, Form 'M'
would be validated without the price generated from the portal.

 

The PVS had been introduced as part of efforts to streamline and secure
financial transactions in the country. The PVS is designed to ensure the
integrity of financial data, enhance the security of transactions, and
improve overall efficiency within the Nigerian financial system.

 

This was stated in a circular released by the CBN on Wednesday night titled,
"Discontinuation of the Central Bank of Nigeria Price Verification System
Portal" signed by the Acting Director, Trade and Exchange, Dr. W. J. Kanye.

 

The circular stated that, "in view of recent developments in the Nigerian
Foreign Exchange Market, the CBN hereby discontinues the Price Verification
System (PVS).

 

"Consequently, with effect from July 01, 2024, all applications for Form 'M'
shall be validated without the Price Verification Report generated from the
Price Verification Portal. For the avoidance of doubt, by this circular the
Price Verification Report is no longer a requirement for the completion of a
Form 'M'."

 

- Leadership.

 

 

 

 

Nigeria: 65% of Nigerians Depend On Agriculture - NBS

The National Bureau of Statistics (NBS), in collaboration with the World
Bank, the Federal Ministry of Agriculture and Food Security and the Food and
Agriculture Organisation (FAO), has launched the National Agricultural
Sample Census (NASC) after three decades in Abuja.

 

It was revealed that there are about 40.2 million agricultural households in
Nigeria, of which about 91 per cent of agricultural households practise crop
cultivation, 48 per cent practise livestock farming and five per cent engage
in fishery.

 

Speaking at the launch, the Minister of State, Federal Ministry of
Agriculture and Food Security, Aliyu Sabi Abdullahi said: "Food security and
economic growth are the top priority. We are indeed very blessed; and this
new data will show us how to eliminate ghost farmers."

 

 

He added, "If you cannot measure what you have, you cannot manage it."

 

He called on members of the National Assembly to serve in the interest of
the country by putting "our money where it should rightly be."

 

On his part, the Statistician-General of the Federation, Prince Adeyemi
Adeniran, said: "Today's event signifies a very big move in our
understanding of the structure of the agricultural sector in the country.
This data will shed light on how land is currently utilised and the types of
crops cultivated, and where they are grown."

 

The Minister of Budget and Economic Planning, Abubakar Atiku Bagudu,
congratulated the development partners for supporting this report, saying:
"We have to come up with a cultural system that will work even in spite of
the separation of powers between the three levels of federal and
sub-nationals."

 

- Daily Trust.

 

 

 

 

 

Nigeria: Niger Raids Illegal Mining Sites, Arrests Seven Miners, Women in
Minna

Minna — Officials of the Niger State Ministry of Mineral Resources have
raided several illegal mining sites in Minna the state capital during which
seven male illegal miners and " several women" were arrested.

 

The seven men apprehended were handed over to the police for prosecution
while the women were released "considering their vulnerability especially
those who were nursing mothers or elderly."

 

Information Officer of the Ministry Mrs. Maureen Debbie, said in a statement
made available to newsmen, that several equipment used for illegal mining
were also seized from the illegal miners.

 

She disclosed that it was discovered that "majority of these miners hailed
from Sokoto and other states", adding that "only a few were locals."

 

 

"This underscores the need for stringent measures to be taken to prevent
outsiders from exploiting the region's mineral resources illegally, which
can have detrimental effects on the environment and the local economy," she
said in the statement.

 

She submitted that the "Ministry with the support of the state authorities,
remains determined to uphold the law and clamp down on illegal mining
operations in Niger State by targeting these illegal activities."

 

"The government aims to protect both the natural resources and the
communities that depend on them for their livelihoods," she declared.

 

Before the collapse of two mining pits in communities in Shiroro and Paikoro
local governments of the state during which some lives were lost and 14
miners still trapped, the state Governor Alhaji Mohammed Umaru Bago had
placed a ban on mining in all parts of the state.

 

Despite the ban illegal and official mining has continued across the state.

 

- This Day.

 

 

 

AfDB President Adesina Looks Back After Eight Years At the Top

He's had his critics over the last eight years, but you could never really
fault Akinwumi Adesina for a lack of passion and resilience. The newspapers
have called him Africa's optimist-in-chief; surely, the Nigerian would have
been a poor president of the AfDB if he were a pessimist.

 

This is Adesina's valedictory year and he will be circling the globe talking
to investors and world leaders with his brand of pragmatism blended with
irrepressible optimism.

 

Within a week of this fleeting trip to London he was at the G7 Leaders'
Summit, shaking hands with world leaders including US President Joe Biden,
India's Prime Minister Narendra Modi and the Pope.

 

I have been interviewing him for more than a decade, ever since he served as
minister of agriculture in Nigeria, and he has lost none of his
irrepressible energy.

 

"It is not a job, it is a mission. I have been given the trust and the
resources and the platform to develop the continent of my birth and I will
breathe that mission until the very last minute of my assignment. You will
probably have to remind me that they have elected a new president before I
stop working!"

 

Before more than a hundred invited guests at the Chatham House think tank,
in St James's Square in the heart of London, Adesina is up on the podium
giving it everything on behalf of a mineral-rich continent that is still
poor.

 

Numbers, statistics and stories tumble forth at breakneck speed; Adesina is
a flamboyant storyteller, who speaks urgently and gestures with his hands to
make the point.

 

His mannerisms are the fruit of a remarkable life: born among Nigerian poor,
forged in a top university in the United States and seasoned by numerous
missions in the corridors of power.

 

That can-do Ivy League approach to life came to the fore very recently,
according to one of his aides.

 

Adesina would have make a journey on a boat for work: a safety officer asked
him if he could swim.

 

"No," was the answer.

 

But Adesina didn't need asking twice; he donned a bathing suit and learned
the crawl and breaststroke, at the age of 64, before completing his
(incident-free) journey.

 

Africa's challenges multiply

 

We repair to the 135-year-old Savoy Hotel, in the Strand, for the interview.
It was the first hotel in Britain to adopt electric light bulbs; Adesina is
very mindful of the fact that more than a century later millions of Africans
have yet to flick their first switch.

 

His suite overlooks Waterloo Bridge, which spans the grey River Thames.
Three kilometers downstream is Londdon Bridge, where every morning hundreds
of financiers, who handle the very capital that Adesina wants to channel to
Africa, walk across the river to their offices in the City of London.

 

For Adesina, forever on the hunt for new sources of capital that the
continent can tap, the challenges facing Africa are as urgent as ever.

 

When I attended Adesina's first speech as African Development Bank president
in Johannesburg, he told me he wanted "a new Africa that people want to come
to, and not move out of".

 

Eight years on, the large-scale migration of Africans to Europe and
elsewhere continues, and remains a huge political and economic issue on both
sides of the Mediterranean.

 

The number of irregular border crossings at the EU's external border in 2023
reached a total of approximately 380,000, driven by a rise in arrivals via
the Mediterranean region, according to preliminary calculations by Frontex.
This marks the highest level since 2016 and constitutes a 17% increase from
the figures in 2022, indicating a consistent upward trend over the past
three years.

 

As the exodus continues, does Adesina's vision still hold true?

 

"I think first of all I am not against legal migration. Legal migration
should continue to go ahead because that is a labour market where people can
move their skills and that's ok," he says.

 

"It is the forced illegal migration that I think is a big challenge. People
forget that 85% of the migration of young people in Africa is internal;
people moving from one country to another. But it does get exaggerated
because of the media [coverage] when people sink on the Mediterranean. But
Africa's heartland is not emptying into it - that is what I am saying."

 

He acknowledges that a complex range of factors continue to push both
internal and external African migration.

 

"We need to also understand that a number of factors have been pushing that.
Climate change has made it much more difficult too. A lot of internal
conflicts are because of poverty, inequality or pressure over resources and
politically motivated conflicts that we have had."

 

But there are perils in remaining at home, too. Adesina warns that if large
numbers of Africans are unemployed in unproductive countries, terrorists
will find it easy to recruit then, as has happened in Mozambique.

 

With so many challenges facing the continent, does he despair sometimes?

 

"I don't despair. I just look at challenges we need to fix. For example,
consider the growth process that we talk about quite a lot. Yes, I am happy
with the growth figure that we have: it is not the level that we wanted, but
we still have 10 of the 20 fastest-growing economies in the world."

 

It's a long way to the top

 

Adesina's familiarity with the impossible choices faced by the poor is
etched into his DNA. He is the son

 

of a former farm worker from Ibadan, 128 km north east of Lagos, for whom
toil in the soil is bred-in-the-bone. His life is a remarkable Africa tale
of ambition, inspiration, grit and application. Adesina grew up sleeping on
a mat, alongside his brothers, without running water or proper toilets.

 

"Ï grew up very poor. My grandfather and father used to work on other
people's farms for a penny a day," Adesina told me in Johannesburg, in 2019.

 

One word drove the life of Adesina senior: education. Every night he would
take out a blackboard in the tiny family home and teach his young sons
English and arithmetic.

 

"One day, he told us that the difference between his life and that of the
permanent secretary at work was like the difference between light and
darkness. But he said to us that if we worked for an education, we and the
children of the permanent secretary would be at the same level," says
Adesina.

 

His father saved almost every penny he earned to put his sons through
school. Yet he didn't send his sons to a private school. Instead, they went
to a village school with 60 in a class.

 

"He wanted us to understand rural poverty. It allowed me to form an idea of
what to do with my life. It taught me that poverty is real, and I grew out
of it myself," says Adesina.

 

The village school also taught the young Adesina the power of agriculture
over the life of poor people. He saw that when the crops grew there was
always money to keep the children at school; if the crops failed, the
children were taken out of school to work.

 

He sailed through school with flying colours and passed enough exams to
enter university by the time he was 14 - success that prompted some tension
with his father, who had dreamed of a medical career for Akinwumi.

 

"My father threw a fit because he thought that agriculture was where he had
come from. He wasn't happy. In the end, my father said to me: Akin, God must
really want you in agriculture," recalls Adesina.

 

Adesina studied for a bachelor's degree in agricultural economics at the
University of Ife in Nigeria in 1981. He followed it up with a PhD in the
same subject, in 1988, from Purdue University, Indiana, one of the best
agricultural schools in the United States.

 

Before more than a hundred invited guests at the Chatham House think tank,
in St James's Square in the heart of London, Adesina is up on the podium
giving it everything on behalf of a mineral-rich continent that is still
poor.  Numbers, statistics and stories tumble forth at breakneck speed;
Adesina is a flamboyant storyteller, who speaks urgently and gestures with
his hands to make the point.

 

He leveraged his agricultural expertise in his role as a senior economist at
West African Rice Development Association; as a senior scientist at
Rockefeller Foundation; and, most significantly, as Nigeria's agriculture
minister from 2010 to 2015. It was his success in this role - and the
contacts he reaped - that allowed him to launch his bid for president of the
African Development Bank.

 

A lending machine

 

So what has been the significance of his two-term presidency at Africa's
premier multilateral institution, and to what extent has he made headway
with solving the continent's most pressing challenges?

 

First and foremost, Adesina says, in his eight years at the helm he has
increased the pool of capital available to the AfDB to invest in the
continent.

 

When he took over, he first increased the pool to $201bn by 2019: it stands
at stands at $318bn today, he says.

 

He points out projects where some of those billions have already been
deployed. He says $50bn has been poured into infrastructure in the last
eight years, and billions more to agriculture.

 

He reels off what he considers the bank's major achievements. "Ethiopia is
self-sufficient in wheat in less than in four years. We are setting up
$1.7bn agricultural processing zones and infrastructure that will allow
value chains to emerge," he says.

 

"In Benin, they used to export cotton fibre. Since we set up agri-processing
zones two years ago 100% of their fibre is processed into textile garments.
All their cash used to go to Vietnam!"

 

Recently he spoke to a group of investors who wanted to export bauxite from
Africa.

 

"I told them why don't you go for aluminium and not just bauxite, otherwise
the profits will be made in another country and you will end up poor!"'

 

Yet Adesina admits capital investment is not reaching the poor people who
live in rural areas. Macrotrends estimates more than 698m people in Sub
Saharan Africa alone live in rural areas - around 57% of the population -
more than three times the population of Nigeria.

 

"A lot of that (capital) that goes into Africa for infrastructure goes into
urban areas; the bulk of the population is in rural areas. So, if you are
going to really get a lot of people out (of poverty), you have to turn those
rural economies, because, literally I can tell you, those rural economies
are nothing more than zones of economic misery."

 

Africa's unfair risk premium

 

But even as his term draws to a close, Adesina is still making sure Africa's
concerns are high up in the global agenda.

 

In recent months, he has argued repeatedly that the cost of capital is too
high in Africa - driven by an outdated "risk premium" placed on the
continent by outside investors and credit ratings agencies. In particular,
Africa is constrained by a dearth of longer term, cheaper, so-called
concessional capital, he claims.

 

"Concessional financing has plummeted in Africa. It used to be that the debt
exposure of African countries was about 52% concessional financing in 2010;
today it is 25%. As that has gone down many countries are going to the
capital markets, they are going to private lenders and commercial
lenders...When you have a lot of commercial creditors, it is different, you
need to walk smarter.

 

"What I am asking for is transparency, it is accountability... we want
economies to grow in a way that is sustainable without accumulating
nonsensical debt," says Adesina.

 

What grieves Adesina is that when African nations do go to the commercial
lenders they risk paying through the nose. Africa's debt service payments
will be $74bn this year, up from $17bn in 2010, according to the AfDB.

 

"The cost of raising capital in Africa is three or four times what it is in
other regions. Why? Because of the so-called Africa premium. A country in
Latin America - a BB country in terms of credit ratings - raises money with
a country in Africa. The one in Africa pays 1.1 percentage points more in
interest... The issue is perception, the perception is not reality - data
matters," he says.

 

"Something happens in one part of Africa and they say the whole of Africa is
a problem. You have a situation where a coup happened in Niger and President
Ruto of Kenya was telling me as a result of that he had to pay 220 basis
points higher for his bond issue because of Niger; even though Niger is
nowhere near Kenya!"

 

Adesina wants one of the legacies of his tenure to be Africa's own ratings
agency, run from the continent instead of Washington and London. The
shareholder countries of the AfDB have mandated the bank to look into ways
of doing it.

 

"It is not to compete with any ratings agencies... but to be able to get
proper assessment of risks, to be able to compare methodologies, and be able
to give a fair assessment. Some people think it is going to be political. It
is absolutely not. That is crap," he says.

 

"It is just to make sure that Africa's risks are properly understood and
better priced."

 

It is going to be a tall order for Adesina's technocrats to come up with a
workable plan to achieve this in his final year. If he does, it could be one
of the major landmarks in his tenure running the AfDB.

 

At the same time, Adesina also wants to raise funding from Africa's own
capital markets.

 

"It is not just foreign-currency-denominated financing that matters; we also
need to employ domestic capital markets and employ a lot more local currency
financing, which we are doing. We are doing local currency bond issues in
Tanzania shillings, Uganda shillings, Nigerian naira, Ghanaian cedis and all
of that," he says.

 

Adesina says that governments still have a vital role to play in supporting
the bank's work.

 

"The whole issue of framing the issue by saying the government should get
out of it and let the private sector do it, is misdirected. The government
cannot abdicate their responsibility. In all developed countries, whether
you are talking about energy, or even aviation, medicines, infrastructure,
or security, it is all about government," he counters.

 

"Government has to set the right policies the right investment environment,
the government also has to inject money to create public goods. The private
sector is not going to set up public goods so let's not get ourselves
confused."

 

End of an era

 

Now, as Adesina's time as president of the AfDB draws to a close, the
jockeying to be his successor has already begun. Observers say the new
president needs to be a strong, decisive and visionary.

 

Whoever wins next year's election faces an enormous in-tray. With many
African countries still struggling under mounting debt, depreciating
currencies, high inflation, and sluggish global growth, the role of the AfDB
in contributing to sustainable economic development is even more important.

 

The current president has been lobbying hard to have the Special Drawing
Rights of the IMF channelled to the AfDB to increase the continent's fire
power to accelerate development.

 

The onus will be on the new incumbent to press ahead with this, to win the
argument on concessional financing, and to get the funding to where it is
needed the most. Adesina has laid the groundwork but it is now time for
others to pick up the baton.

 

As he looks for his next challenge, I ask Adesina whether he has any
regrets.

 

"No. I always say: when God created people he gave them two eyes in front
because he expected them to be looking forward. If he wanted them to be
looking behind, he would have put two eyes behind the head."

 

Chris Bishop

 

Chris Bishop is founding editor of Billionaire Tomorrow; founding editor of
Forbes Africa; former head of programming CNBC Africa.

 

- African Development Bank (AfDB).

 

 

 

Nigeria: Netizens Condemn IOCs, Saboteurs, Urges Govt to Protect Dangote
Refinery

In the wake of the revelation by the Dangote Group on its frustration in
accessing crude oil, Nigerians on social media have called out International
Oil Companies (IOCs) on sabotaging the process.

 

Civil Society organisations, Nigerian students and social media users have
expressed their displeasure, stating that the Federal Government must
protect the Dangote refinery against any form of saboteurs.

 

The state coordinator of a civil society group, known as Initiative for
Defence of Democracy and Justice, Alhaji Aliyu Usman Kaoje, told journalists
that "Let us sound a strong warning to them to desist forthwith whatever
they are doing directly or indirectly to frustrate the operations of the
refinery."

 

Financial planning expert, Kalu Aja, queried that "If Dangote needs crude,
Nigerian National Petroleum Company (NNPC) should support its 20 per cent
investment by giving Dangote its oil equity," Aja said.

 

Speaking also on the development, Hector Igbikiowubo, publisher of Sweet
Crude Reports asked that "how come the NNPC isn't allotting all of its
445,000 barrels per day to the Dangote Refinery for refining?" He asked on
Channels Television programme.

 

 

An X user, with the handle, AgriGATE Nigeria tweeted that "If @DangoteGroup
@AlikoDangote refinery fail then @NigeriaGov can be said to be complicit in
conspiracy against the refinery. American government goes extra length to
protect interest of American companies. Ours can't be left at mercy of
international oil companies."

 

Another user, Eguando, appealed to President Bola Tinubu to protect,
liberate the economy by making the Dangote Refinery work.

 

"Dear President @officialABAT, the only refinery built by a Nigerian and
African the last 40 yrs in Africa, that will liberate our economy and that
of Africa should not fail. @AlikoDangote Refinery needs to get all the
protection needed to succeed.

 

"They the IOCs have enjoyed exporting our Crude oil the last 60 years or
more without building one refinery each or collectively building one for us
as a country to reap the benefit, yet one Nigerian has taken the initiative
and they are want to everything to derail it."

 

Ayodeji Oluwadamilare added that "I am not even surprised there are people
who want that refinery to fail. They enjoy the status quo of subsidy and
don't want it to end... Wicked humans... They will be shamed at last..."

 

Shimsun said: "The IOCs must be brought to heel and the corrupt civil
servants at NMDPRA who are bent on keeping the system poisonously
inefficient should be made to answer for their actions."

 

Oseni Lanre stated that "The refinery has to work and it must now!"

 

It would be recalled that the Vice President, Oil and Gas at Dangote
Industries Limited (DIL), Devakumar Edwin, accused International Oil
Companies (IOCs) in Nigeria of doing everything to frustrate the survival of
Dangote Oil Refinery and Petrochemicals.

 

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

 

According to him: "While the Nigerian Upstream Petroleum Regulatory
Commission (NUPRC) are trying their best to allocate the crude for us, the
IOCs are deliberately and willfully frustrating our efforts to buy the local
crude. It would be recalled that the NUPRC, recently met with crude oil
producers as well as refineries owners in Nigeria, in a bid to ensure full
adherence to Domestic Crude Oil Supply Obligations (DCSO), as enunciated
under section 109(2) of the Petroleum Industry Act (PIA). It seems that the
IOCs' objective is to ensure that our Petroleum Refinery fails. It is either
they are deliberately asking for ridiculous/humongous premium or, they
simply state that crude is not available. At some point, we paid $6 over and
above the market price. This has forced us to reduce our output as well as
import crude from countries as far as the US, increasing our cost of
production.

 

- Vanguard.

 

 

 

 

Nigeria: Satellite Giant Multichoice Has Not Cut Its Cable TV Subscription
Prices in Nigeria As Claimed Online

Satellite giant MultiChoice has not cut its cable TV subscription prices in
Nigeria as claimed online

 

IN SHORT: MultiChoice Nigeria has increased its subscription prices twice
since December 2023. But claims that it reverted to the old subscription
prices in June 2024 are false.

 

In April 2024, MultiChoice in Nigeria raised subscription prices for the
second time in four months.

 

Local media reported that the company had bemoaned a drop in subscribers.
Nigerians had also decried the hike.

 

Headquartered in South Africa, MultiChoice operates DStv, a major satellite
television service, in several countries including Nigeria, Malawi and
Namibia.

 

On 29 April, Nigeria's Competition and Consumer Protection Commission
restrained the company from increasing its subscription prices following the
April price review.

 

 

The commission ordered MultiChoice not to implement the price adjustments,
which were due to start on 1 May.

 

On 7 June, the court ordered the company to pay N150 million (about
US$100,000) for non-compliance and to offer Nigerian customers a one-month
free subscription to the DStv and GOtv packages. The company told local
media that it would appeal the court's ruling.

 

However, several reports on Facebook in Nigeria claim that the company has
begun reviewing its subscriptions to make them cheaper.

 

One of the posts reads: "Multichoice drops subscription prices for DStv and
Gotv packages."

 

The claim appeared on Facebook here, here and here. (Note: See other
instances of the claim at the end of this report). The posts also list the
"new" rates, which are supposedly the same as the prices the company set
after its December 2023 price review.

 

But has MultiChoice reduced its subscription prices? We checked.

 

Prices remain the same

 

A check of the DStv and GOtv websites shows that the prices are still the
same as in April. Subscription prices have not been reduced.

 

Caroline Oghuma, a public relations manager at MultiChoice Nigeria, told The
Cable publication that there had been no price reductions.

 

"We haven't reduced subscription prices, but we reduced our decoder prices.
Subscription prices remain as it is, but the decoder prices were reduced
from June 1," Oghuma was quoted as saying.

 

There is no credible evidence that subscription prices for DStv and GOtv
have been revised downwards and online articles suggesting otherwise are
incorrect.

 

 

 

 

 

Tanzania: Seoul Inks Deal to Build Fishing Port in Z'bar

The Zanzibar ministry of blue economy and fisheries has signed an agreement
of cooperation with the ministry of oceans and fisheries of the Republic of
Korea for the feasibility study to construct a fishing port and development
of fishery infrastructure in Zanzibar.

 

During the signing ceremony held at the Zanzibar Utilities Regulatory
Authority (ZURA), the Zanzibar blue economy and fisheries minister Shaaban
Ali Othman said it is a timely project that aim at boosting the country's
economy through fishing as well as increase the income of individual
citizens.

 

"We are happy to begin the implementation of this big project by having a
feasibility study. We hope a modern fishing port will attract international
ships to Zanzibar," Mr Othman said.

 

He added that the port is expected to create jobs for the young people in
the isles. He said the survey will involve the areas of Mangapwani and
Mkokotoni on the side of Unguja and Micheweni and Shumba Viamboni on the
side of Pemba with the aim of finding one suitable place on each main Island
for the project.

 

 

"We thank the government of the Republic of Korea for the good relations and
funding the research," said the minister.

 

He added that the construction of fishing ports will also support
small-scale and medium fishermen to benefit from their work.

 

Also Read: Z'bar vows more reforms to woo investors

 

He informed the gathering that the number of fishermen has been growing
along with increasing fishing activities, but many still cannot fish in the
deep sea, "The government is talking to various stakeholders to train and
provide facilities so that Zanzibar fishers can fish in the deep-sea areas,"
he noted.

 

Mr Othman said that the feasibility study will be conducted for six months,
after which the construction will begin in a short time after evaluation.

 

 

The Minister also revealed that plans are underway to construct two separate
fish processing factories, one in Unguja and the other in Pemba.

 

Permanent Secretary (PS) of the Ministry Captain Hamad Bakari said the
construction of fishing ports in Zanzibar is needed as Zanzibar is an island
country and is surrounded by the sea, "The fishing ports will open Zanzibar
economically and attract fishing vessels and investors."

 

"He explained that there are many large fishing vessels that would like to
come to Zanzibar but the biggest challenge is that there is no large fishing
port," said the PS.

 

Speaking on behalf of the delegation from Korea, Hee Kyung Kim said they are
in Zanzibar to conduct a feasibility study because of the good relations and
commitment shown between the two sides.

 

"We promise to work hard and professionally to ensure the port is well
constructed and completed on time," he said.

 

- Daily News.

 

 

 

 

South Africa: SA Requested the Establishment of Two Panels At WTO

South Africa has this week requested the establishment of two panels at a
meeting of the Dispute Settlement Body (DSB) of the World Trade Organization
(WTO).

 

This was to examine what, in South Africa's view, are unscientific and
discriminatory measures placed on citrus imported from South Africa by the
European Union (EU).

 

These steps were taken to address the EU's regulations on two separate plant
health issues: Citrus Black Spot (CBS) and False Codling Moth (FCM).

 

The regulations are being challenged by the South African government to
protect the livelihoods of tens of thousands of people in the local citrus
industry.

 

 

Currently, South African citrus growers are spending billions of rands per
year to comply with CBS and FCM measures that the industry considers
unscientific and unnecessarily restrictive as South Africa already has an
effective world-class risk management system that ensures safe citrus
exports.

 

Emerging citrus growers are especially hit hard by the EU measures.

 

The request to establish the two panels is a significant development. This
is the first time that South Africa progresses a dispute at the WTO beyond
the panel state of the established DSB process.

 

On 15 April 2024, South Africa requested consultations with the EU on the
CBS matter, which initiated a process that has ended without any results.

 

On FCM, South Africa initiated consultations in July of 2022, with no
satisfactory conclusion as well. A panel will now also be formed on the FCM
matter.

 

While the EU did not at this time accept South Africa's request for the two
panels, the set DSB procedure is that the requested adjudication panels will
be established at its next meeting in July 2024. A DSB panel report can
usually be expected after nine months.

 

The Government's representatives reiterated the legal basis of their
complaints at the WTO headquarters in Geneva this week. These included the
following arguments:

 

· The measures are not based on scientific principles and are maintained
without sufficient scientific evidence.

 

· The measures are applied in a manner that is not in accordance with the
provisions of the Agreement on the Application of Sanitary and Phytosanitary
Measures, of which the EU is a signatory.

 

· The EU fails to apply the measures in a uniform, impartial and reasonable
manner.

 

 

· The measures are more trade-restrictive than required to achieve
protection, and there are reasonably available alternatives which are
technically and economically feasible, that would achieve protection in a
significantly less trade-restrictive manner.

 

The SA Government has the support of the Citrus Growers' Association of
Southern Africa (CGA).

 

"Last year we exported 36% of all our citrus to the EU. That shows what an
important market it is for our growers. It is the very foundation of citrus
profitability in SA," said Justin Chadwick, CEO of the CGA.

 

"Should the EU continue with the implementation of these measures, or
intensify them in any way, the profitability of hundreds of growers will be
negatively affected and the industry will suffer severe revenue and job
losses.

 

"But this is also potentially good news for the European consumer. Their
orange prices last summer were at an all-time high. However, if their supply
is unfettered, consumers will benefit," said Chadwick.

 

"The citrus industry supports 140 000 jobs at farm level alone," explained
Mooketsa Ramasodi, Director-General of the Department of Agriculture Land
Reform and Rural Development (DALRRD).

 

"The Government is acting to safeguard these livelihoods and the central
role the citrus industry plays in so many of our rural communities,"
Ramasodi said.

 

"The EU's measures on CBS and FCM are not justified, proportionate or
appropriate. It must be understood, however, that the WTO process is not
confrontational or aggressive. The goal is scientific truth and fairness.

 

"We are making use of the WTO mechanisms available to us to find an amicable
solution," the Acting Director-General of the Department of Trade, Industry
and Competition, Malebo Mabitje-Thompson, further clarified government's
actions at the WTO.

 

The South African citrus industry is currently entering its peak export
season with oranges heading to the ports.

 

It is estimated that South Africa will export a total of 170 million 15kg
cartons this year. The exceptional quality of local citrus has made it
sought-after internationally. South Africa is the world's second largest
exporter of citrus.

 

- SAnews.gov.za.

 

 

 

 

Somalia: Somali President Criticizes Ethiopian-Somaliland Sea MOU On
Independence Day

Mogadishu — President Hassan Sheikh Mohamud of the Federal Republic of
Somalia addressed the nation on the 26th of June, marking the day of
independence of the country's Northern regions.

 

In his speech, President Mohamud spoke out against the violation of the
Ethiopian government against the independence of Somalia, emphasizing that
the illegal agreement between Muse Bihi, the leader of Somaliland, and the
Prime Minister of Ethiopia is directly against the nationalism and unity of
Somalia.

 

President Mohamud stated, "What we are against is not development and
increased cooperation, but the taking of our land. They did not allow a
meter of our land to be taken. Yesterday we did not go to Berbera Port, so
we did not discuss it, because it was clear to us that it is not accepted
and it is a Somali port, but today the situation is different."

 

 

The President's remarks highlight the ongoing challenges faced by Somalia in
maintaining its sovereignty and unity, and the government's commitment to
addressing these issues. The event, held at the headquarters of Banadir
Region, was attended by government officials, parliamentarians, politicians,
and other dignitaries.

 

President Mohamud's speech also emphasized the importance of celebrating the
struggle of the Northern regions for Somalia's freedom and praised the
efforts and unity of the Somali people in realizing national goals and
aspirations.

 

He urged the Somali people to stand firm for their unity and independence,
noting that the government is committed to protecting the sovereignty and
existence of Somalia.

 

- Shabelle.

 

 

 

 

Southern Africa: Namibia Inks Amendment to Establish SADC Parliament

Namibia has become the 10th SADC Member State to sign the Agreement amending
the SADC Treaty to transform the SADC Parliamentary Forum into a SADC
Parliament.

 

The agreement was signed on behalf of Namibia by the Minister of
International Relations and Cooperation (MIRCO), Hon. Dr. Peya Mushelenga on
Wednesday.

 

The agreement amending the SADC Treaty was adopted by the SADC Heads of
State and Government Summit at its meeting held in Kinshasa, Democratic
Republic of Congo on 17 August 2022

 

According to a statement from MIRCO, the newly established SADC Parliament
will serve as a consultative and deliberative body, lacking law-making or
other binding authority.

 

 

To enter into force, the agreement requires the endorsement of two-thirds of
SADC Member States, totaling eleven (11). Currently, ten (10) member states
have signed the agreement, including Angola, Eswatini, Lesotho, Malawi,
Mozambique, Namibia, Seychelles, South Africa, Tanzania, and Zimbabwe.

 

The decision to amend the SADC Treaty was made at the 41st SADC Summit in
August 2021 in Lilongwe, Malawi. The SADC Parliamentary Forum, originally
established on September 8, 1997, in Windhoek, Namibia, under Article 9(2)
of the SADC Treaty, will now transition into the SADC Parliament.

 

The SADC Parliamentary Forum currently engages parliamentarians from 15
Southern African countries, encompassing over 3500 members. Its role
includes facilitating dialogue on regional issues of mutual interest among
member states and fostering cooperation and integration within the SADC
region.

 

- Namibia Economist.

 

 

 

Ethiopia: New Asset Recovery Draft Bill Aims to End Economic Crimes in
Ethiopia

Addis Ababa — Minister of Justice Gedion Timotiwos revealed that the newly
drafted Asset Recovery Bill aims to end crimes and establish a healthy
economic system in Ethiopia.

 

The minister briefed journalists today on the purpose of the bill and its
consequential impact on stabilizing the country's political-economic
landscape.

 

Gedion said economic crimes have resulted in a serious damage to the
country. In this regard, the draft bill is indispensable as it attempts to
overcome such economic challenges, he added.

 

The minister believes that the new bill will discourage individuals, who
have been persistently engaged in economic crimes through human trafficking,
money laundry and illicit financial activities.

 

 

He said that "unverified wealth" is also directly impacting the financial
system of the country, its tax system, foreign currency earnings, and
circulation of money among others.

 

The crimes have become obstacles to attract foreign investment in the
financial sector and other areas, he added.

 

"They (crimes) need to be stopped somewhere. We need to stop people from
accumulating wealth through illicit means," Gedion underscored.

 

Thus, he stated that the Asset Recovery draft bill is a key legal tool to
stop the aforementioned crimes which have cost the country dearly.

 

Gedion added that Ministry of Justice has taken the experiences of various
countries and considered international conventions in the course of
preparing the draft bill.

 

The bill has been referred to the House of People's Representatives (HPR)
for approval.

 

- ENA.

 

 

 

 

Korean comic giant set for $2.7bn US market debut

Webtoon Entertainment, which describes itself as the world's largest web
comic platform, has set its market value at $2.67bn (£2.11bn) ahead of its
US listing.

 

Its shares are due to start trading on the Nasdaq stock exchange on 27 June
at $21 each, the top end of their marketed range.

 

The Los Angeles-based company is owned by South Korean technology giant
Naver, which has been boosted by the growing online popularity of Korean and
Japanese comics.

 

Webtoon says it has 170 million monthly active users in more than 150
countries around the world.

The company is aiming to sell 15 million shares and raise $315m in the
initial public offering (IPO).

 

The world's largest fund manager BlackRock has expressed interest in buying
up to $50m of shares.

Webtoon Entertainment also owns the Japanese web comic and manga app Line
Manga, the web novel platform Wattpad and the Korean web comic offering
Naver Webtoon.

 

It offers thousands of titles covering different genres - including action,
romance, horror and science fiction.

The webtoon industry, which focuses on online-only comics optimised for
reading on mobile, first emerged in South Korea two decades ago.

 

Their popularity exploded globally turning them into a major South Korean
cultural phenomenon alongside K-pop and Korean dramas.

 

 

Webtoons are cheap to produce - a single artist can create one using a
tablet - which can make popular comics very profitable.

 

The webtoon industry made $4.7bn 2021 and is projected to grow to $60.1bn by
2030, according to Spherical Insights & Consulting.-BBC

 

 

 

 

India seeks report on iPhone factory hiring practices

Job aspirants speak to a hiring agent outside the Foxconn factory near
Chennai

The Indian government has sought a detailed report from Tamil Nadu state
following media reports that Apple supplier Foxconn was allegedly rejecting
married women for iPhone assembly jobs.

 

A Reuters investigation alleged that Foxconn had excluded married women from
jobs at its main India iPhone plant near Chennai, citing their greater
family responsibilities compared to unmarried women.

The federal labour ministry says the law "clearly stipulates that no
discrimination (is) to be made while recruiting men and women workers".

 

Neither Apple nor the Tamil Nadu state government responded to requests for
comment from Reuters.

The BBC has also reached out to Foxconn and the Tamil Nadu labour department
for a response.

Foxconn, the largest supplier of Apple iPhones, set up its first factory in
Tamil Nadu in 2017 but has since been aggressively expanding its operations
in India.

 

In 2023, it began assembling the iPhone 15 in the state and earlier this
year, Foxconn tied up with Google to make Pixel smartphones in Tamil Nadu.

 

Rights activists say the reports about the firm's hiring practices in India
are concerning, given that thousands look to its factories for employment
opportunities.

 

Reuters said it spoke to numerous employees and Foxconn hiring agencies for
the story.

The report said that hiring agents and Foxconn HR sources "cited family
duties, pregnancy and higher absenteeism as reasons why Foxconn did not hire
married women at the plant".

 

This isn't the first time the firm has come under the scanner for its labour
practices.

In 2018, a US-based rights group had accused the firm of overworking and
underpaying temporary workers at its factory in China that manufactured
products for Amazon.

 

In 2022, its iPhone factory in China saw protests by workers who claimed
that they had not been paid certain dues.-BBC

 

 

 

Mechanic claims sacked for raising Boeing concerns

An aircraft mechanic who was contracted to repair Boeing planes has alleged
he was labelled a "snitch" and then sacked for speaking up over safety
concerns.

 

Richard Cuevas claimed he witnessed substandard manufacturing and
maintenance work on a crucial section of Boeing 787 aircraft.

 

Boeing, which has been dogged by questions over whether its safety culture
is rigorous enough, said the issues had been investigated and "did not
present a safety concern".

Lawyers representing Mr Cuevas alleged he reported critical issues that
could create a serious public safety risk and have filed complaints with the
Federal Aviation Administration and the Occupational Health and Safety
Administration.

 

Mr Cuevas, who has worked in the aviation industry for 40 years, was
contracted to Spirit Aerosystems, to work on Boeing's 787 forward pressure
bulkhead, a dome at the nose of the aircraft which serves as a barrier.

“He recognised the substandard work and expressed concern," Mr Cuevas'
lawyers said. "But Spirit and Boeing failed to stop the faulty manufacturing
processes."

 

According to the legal filings a colleague then remarked: “We’ve got a
snitch among us.”

Mr Cuevas said he was sacked by Spirit Aerosystems in March 2024.

Boeing told the BBC: “A subcontractor’s employee previously reported
concerns to us that we thoroughly investigated, as we take seriously any
safety-related matter."

 

However, the issues raised were found not to present a safety concern and
had been addressed, Boeing said.

Spirit Aerosystems spokesperson Joe Buccino, said the firm was "looking into
the matter".

"We encourage all Spirit employees with concerns to come forward, safe in
knowing they will be protected,” he said.

Mr Cuevas' lawyers Debra Katz and Lisa Banks have previously represented
another Boeing whistleblower, Sam Salehpour, who earlier this year told US
Congress he had been harassed and threatened after he alleged there were
quality problems at Boeing.

 

Mr Salehpour's concerns were also focused on production of the Boeing 787
model.

That is a different model to the 737 Max which was involved in mid-air cabin
blow out in January.

That incident prompted heightened scrutiny of Boeing's safety standards.

 

In April, Boeing said that it had seen a sharp increase in employees
speaking up after it gave assurances there would be no retaliation for doing
so.

 

Boeing said that signalled progress towards "a robust reporting culture".

"We continue to put safety and quality above all else and share information
transparently with our regulator, customers and other stakeholders," the
company said.-BBC

 

 

 

$100m assets linked to 1MDB to be returned to Malaysia

The US Justice Department has reached an agreement with fugitive financier
Jho Low to return more than $100m (£79m) allegedly embezzled from Malaysia’s
state-owned wealth fund as part of the 1MDB scandal.

The US said artworks by artists Andy Warhol and Claude Monet, and a luxury
flat in Paris would be liquidated and assets worth $67m released to
Malaysia.

 

Prosecutors allege the assets are linked to cash raised for the 1Malaysia
Development Berhad (1MDB) fund dating back to 2012 and 2013.

 

Mr Low, a wanted fugitive, remains at large, although his whereabouts are
unknown.

The assets will supplement some $1.4bn already returned with the help of the
US, the Justice Department said. In total, over $4.5bn was allegedly stolen
from the 1MDB fund.

 

The US said as part of the agreement reached with Mr Low, his family and
entities he established, it would coordinate with foreign countries to
transfer assets held abroad to Malaysia.

 

The Justice Department said: “The agreement resolves the civil forfeiture
action against a luxury apartment in Paris and artwork located in
Switzerland by artists Andy Warhol and Claude Monet, which Low purchased for
approximately $35 million in total.

 

“In addition, parties agreed to return to Malaysia real property and cash in
bank accounts valued at approximately $67 million located in Hong Kong,
Switzerland, and Singapore.”

 

Mr Low, real name Low Taek Jho, is alleged have been at the centre of the
1MDB scandal, which saw billions of dollars from a state fund meant to help
the Malaysian people go missing.

 

US and Malaysian prosecutors allege the money lined the pockets of a few
powerful individuals and was used to buy assets including luxury real
estate, a private jet and expensive artwork.-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
constitute an offer to sell or the solicitation of an offer to buy or
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been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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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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