Major International Business Headlines Brief::: 28 June 2024

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Major International Business Headlines Brief:::  28 June 2024 

 


 


 

	
 


 

 


 

ü  Uganda: Gold Miners Urged to Dump Mercury Use

ü  Nigeria: Breaking - Reps Grant Tinubu's Request to Extend 2023 Budget,
Supplementary Appropriation Act

ü  Africa: Saving Soils in Africa the Only Path Left to a Future

ü  Nigeria: Rowdy Session in Reps Over Tinubu's Request to Extend 2023
Budget, Supplementary Act

ü  Uganda: Mass Arrests in Uganda, as Hundreds Gather Worldwide Urging China
to Halt

ü  Ghana: 75% of Ghana's Workforce in Informal Sector, 65 Percent of Youth
Jobless - UNDP Report

ü  Mozambique: New Factories Created 22,960 Jobs Over Last Five Years

ü  Nigeria: Oil-Theft - Navy Destroys 10 Illegal Refining Sites, Speedboat

ü  Nigeria: Oil Refiners Back Dangote, Decry IOCs' Refusal to Sell Crude to
Local Refineries

ü  Namibia: Government Approves Construction of Second Desalination Plant

ü  Nike tumbles as upstarts grab market share

ü  Electric car battery charges in under five minutes in track test

ü  'Supersize' TV sales shoot up thanks to Euro 2024

 


 

 


 <mailto:zitfmktg at zitf.co.zw> Uganda: Gold Miners Urged to Dump Mercury Use

More than 31,000 artisanal gold miners in Uganda, with a huge percentage of
them women, in collaboration with Planet Gold Uganda and Global Rights
Alert, are working towards getting access to mercury-free technologies that
do not expose them to mercury poisoning.

 

The partnership was announced recently during celebrations of the
International Day of Women in Mining at Hotel Africana. Many women in the
mining sector have been exposed to the negative effects of using mercury to
detect gold ores, and yet this was outlawed under the Miamata Agreement of
2013.

 

Lynn Gitu, the Program leader at Planet Gold Uganda, noted: "We are
promoting the use of alternative technologies to help reduce the use of
mercury in gold mining such as the gravity concentration tools of sluicing
and shaking tables, and the use of borax, which has a short shelf-life and
is less harmful to people and the environment."

 

 

According to Gitu, the alternative gold mining technologies that don't use
mercury are going to be supplied to areas that are known for mining huge
deposits of gold, and where mercury is used for gold mining in large volumes
like Busia, Mubende, Buhweju and Karamoja.

 

She added that the alternative mercury-free technology that is being
promoted is affordable to the miners. Also, the savings and credit and
cooperative organizations that they have formed will help them purchase
these technologies.

 

"The mercury-free technologies that are going to be scaled out by Planet
Gold to the districts of Busia, Mubende and Buhweju are affordable, and cost
between Shs 3 million and Shs 15 million," she added.

 

 

Geoffrey Kamese, the programs manager of Uganda National Association of
Community and Occupational Health Organisations (UNACO), stated: "Since
Uganda is a signatory to the Miamata Agreement, which bans the use of
mercury in mining due to the dangers it causes, the

 

women involved in mining are subjected to health complications such as
shaking of the hands, which one would say is similar to the signs and
symptoms of Parkinson's disease, which miners develop over time due to
exposure to mercury, miscarriages among women and brain damage."

 

Kamese added that besides the negative effects that mercury has on humans,
its use in the mining sector is also a threat to the environment. Joy Akoli,
the head of programs at Global Rights Alert, while speaking at the event,
noted: "There are a lot of human rights violations within the mining sector
perpetuated by investors and mining companies that don't adhere to the
different international and regional human rights standards and frameworks,
which not only manipulate the miners but also put their lives at risk. The
rights of communities are not protected; they are not respected, and profit
is at the forefront of the minds of many of these investors and companies."

 

Akoli said Global Rights Alert advocates for the rights of the miners by
ensuring that both the government and companies respect the rights of not
only women in mining but also children.

 

"It is not a secret that if you go to these mining locations, you are going
to find children who are participating in mining activities, which is
against the law," she added.

 

She went ahead and said that much as women are involved in mining, they are
not allowed to own land, and called upon the government to reverse this.

 

"We are living in a patriarchal system where society does not believe that a
woman, even if she are participating in mining activities, has a right to
own land, and yet the constitution spells out and clearly states that
everybody has a right to own land," she emphasized.

 

Scovia Tusubira, a trading officer working with the ministry of Trade,
Industry and Cooperatives at the events, stated that "the ministry is trying
to formalize the women in mining and ensure they comply with regulations."

 

- Observer.

 

 

 

 

Nigeria: Breaking - Reps Grant Tinubu's Request to Extend 2023 Budget,
Supplementary Appropriation Act

The lawmakers approved President Tinubu's request after a 30-minute
closed-door session that followed the rowdy plenary session earlier in the
day.

 

The House of Representatives has once again extended the 2023 capital
component of the 2023 Appropriation Act and the Supplementary Appropriation
Act until 31 December, after a closed-door session amid opposition from some
sections of the House.

 

The request by President Bola Tinubu was sent to the House on Thursday
during an emergency session held by the House.

 

In the letter read by Speaker Abbas Tajudeen during the session, the
president stated that the extension is to enable the government to implement
the two budgets fully.

 

 

The request involves extending the lives of N21.8 trillion 2023 budget and
the N2.17 trillion 2023 supplementary budget.

 

The N27.5 trillion 2024 budget is also running concurrently with them.

 

Rowdy session

 

Some lawmakers had initially given the impression of rejecting the bills
during the debate on their general principles.

 

However, Speaker Abbas Tajudeen called for a closed-door session to assuage
the lawmakers who opposed the request.

 

Following a 30-minute closed-door session, upon resumption of plenary, Mr
Tajudeen said the concerns were discussed and he would be presenting them to
the president.

 

The bill was subsequently given a speedy passage through the first, second,
Committee of Supply, and third reading stages within 20 minutes.

 

Details to follow...

 

- Premium Times.

 

 

 

 

Africa: Saving Soils in Africa the Only Path Left to a Future

Could the soil of Africa be developing an unstoppable malaise that will
transform our continent from an innocent victim of climate change into its
main driver?

 

It seems the answer may be yes.

 

For, we might be sitting on a ticking carbon bomb.

 

African soil is degrading ever faster, losing us millions of hectares a
year.

 

And while scientists have known for the longest time that soil "breathes
out" pure carbon dioxide, the emerging horror is that our heated,
drought-struck soils are now breathing out more, maybe even a lot more.

 

 

It's a carbon source that holds the potential to make our man-made
greenhouse gases nearly insignificant by comparison. And the fear is that it
could turn Africa into the biggest carbon generator of all.

 

Yet no one knows for sure. Researchers, in studies that take a decade or
more to complete, are finding soil organic carbon (think, plant roots)
degrading faster in warmer, post-drought soils -- and also finding, in other
studies, that it is not.

 

They are counting deeper soil carbon, soil carbon after late rains, next to
volcanoes, four years after soils were dried out, and below our forests: in
a flurry of carbon measuring to try and map the change.

 

For, ominously, in all the "we-are-looking-at-soil-carbon-now" noise, the
drip, drip raising of alarms, and even the odd prominent public fight
between scientists, it turns out our carbon calculations have never included
soil breathing.

 

 

And that on a planet where soil holds more of our planet's carbon than the
atmosphere and all its vegetation put together and much of it as soil
organic carbon that breathes out carbon dioxide.

 

It is a missing sum that is only made more worrying by the acceleration in
climate change.

 

We should not yet be suffering our first row of 50°C temperatures, our
hottest years ever, our wettest and driest every new season: it's all going
faster than the charts.

 

Until you factor in soil

 

And that's made soil into the kind of geopolitical focus that presidents
meet for summits about.

 

It has also drawn Dr Cary Fowler into the fray, as the now US Envoy for Food
Security, in his second crusade to lead the world away from destruction.

 

Dr Fowler created the Svalbard Seed Vault, to preserve our global diversity.
Now, his mission is soil, and he is not waiting for perfect science.

 

 

"I am no soil scientist," he declared while visiting Nairobi for the African
soil summit this year. "But we are deeply concerned about African soil".

 

Yet his solution is as sweet for Africa as his seed vault was for
biodiversity -- for how do you stop the continent's soils degrading at
speed?

 

It has taken decades to stop our energy emissions from growing. So where
does one even begin to break a cycle of rising heat spikes and erratic
rainfall degrading land, which then cannot support ground cover to capture
carbon whilst breathing out more carbon -- thereby causing further heat and
weather disruption?

 

A possibly prescient starting point was the French call at the 2015 CoP for
the globe to commit to adding 4 parts per thousand to its soil organic
carbon -- to give the world an extra 20 years to fix its greenhouse gas
problem.

 

This has generated a growing drumbeat around "regenerative agriculture".

 

Yet Africa already has the world's lowest soil organic carbon, and it's
falling all the time. Moreover, the incentives for African farmers and for
Africa to sort out its lands are few.

 

Even as initiatives have flourished to draw farmers into new approaches that
boost soil carbon, the world's leading carbon credit verifier, Verra,
observes forlornly that these often reduce output for farmers for some time
-- which isn't a treat in a continent already caught between roaring
population growth and falling yields.

 

So Dr Fowler went back to the drawing board, to find an everybody-wins
solution.

 

Working with the FAO, the Rockefeller Foundation, and scientists he sums up,
excitedly, as the best in the world -- across every discipline from the
soil, to agronomy and nutrition -- he has driven a programme called VACS
that has searched for the plants that solve everything. And he claims to
have found them.

 

"We don't see plants the same way now," he explains. "We always used to
think of the plant and soil as separate, but now we see them as a single
system."

 

That single-system slant saw his VACS team select 60 crops that could grow
in Africa's degraded soil and erratic climates; that improved the soil as
they grew, creating a better future ahead and rehabilitating land; and
delivered fantastic nutrition.

 

This is critical for nutrition matters, too, in a continent where
micronutrient deficiencies drive childhood and maternal mortalities, brain
damage, and a host of lifestyle diseases from diabetes to high blood
pressure.

 

The saviour crops turned out to be indigenous -- although not by design.
Millet, sorghum, yams, amaranth, Bambara groundnuts, pigeon peas and sweet
potato, the list goes on. But growing them works: it lifts yields, arrests
land degradation, and solves diabetes too.

 

Many African farmers comment that they were always the crops that served,
and we should never have transited.

 

But in their historical form, they didn't arrive with big, vital tags saying
their deep roots took carbon out of the air and into the soil and
additionally slowed up every kind of soil degradation.

 

Nowadays, that matters vastly more, opening a path to saving the world by
growing what we used to grow, and thereby solving mass food insecurity,
pulling marginal land back into full use, and clawing down our carbon
footprint too.

 

So, thank you, Dr Fowler. I hope you save our soils.

 

Jenny Luesby is a food systems consultant specialising in climate change,
and the publisher of farmers' information service FarmBizAfrica.com

 

- The Herald.

 

 

 

 

Nigeria: Rowdy Session in Reps Over Tinubu's Request to Extend 2023 Budget,
Supplementary Act

The opposition to the president's request forced the lawmakers into an
executive session amid loud booing from members of the opposition parties.

 

President Bola Tinubu's request to extend the 2023 capital component of the
2023 Appropriation Act and the Supplementary Appropriation Act until 31
December on Thursday polarized the House of Representatives along party
lines, as opposition lawmakers opposed the proposal.

 

President Tinubu seeks the extension of the two budgets until 31 December to
allow for a full implementation of the law.

 

However, the opposition to the president's request forced the lawmakers into
an executive session amid loud booing from members of the opposition
parties.

 

 

The lawmakers are currently in the executive session that ensued after
Speaker Abbas Tajudeen became unable to restore order to the chamber.

 

Inherited budgets

 

President Tinubu inherited the N21.8 trillion budget from his predecessor,
Muhammadu Buhari.

 

However, the capital component of the budget suffered during the transition
period, as many of the projects in the 2023 budget were not funded while the
new administration settled in.

 

Mr Tinubu also inherited the N819 billion 2022 Supplementary Budget from the
last administration.

 

In July 2023, the president sent an amendment to the National Assembly to
amend the N819 billion budget.

 

 

The amendment included a N70 billion package for the National Assembly and
N500 billion for palliatives and other capital expenditures to cushion the
effect of the recent fuel subsidy removal policy.

 

In October 2023, Mr Tinubu sent a N2.17 trillion 2023 supplementary budget
to the National Assembly for approval. According to the president, the
majority of the items in the budget were for tackling insecurity.

 

However, a review of the budget by PREMIUM TIMES showed some frivolous
items.

 

For instance, there was N28 billion for the purchase of luxury cars for the
president and the first lady and the renovation of the president's
residence, among other allocations for the State House.

 

There was also the controversial N5 billion for the presidential yacht.

 

Meanwhile, a large portion of the N2.17 trillion was allocated to the
security sector.

 

Previous amendments

 

The Acts were first extended on 31 December 2023 for a period of three
months.Their lifespans were extended to 30 March 2024.

 

The extensions were a sequel to a request by President Tinubu via a letter
to the two chambers of the National Assembly.

 

Shortly before the expiry date, President Tinubu made another request for
the extension of the two budgets until 30 June 2024. The lawmakers speedily
okayed the request.

 

In the House, the bills went through the three stages of bill passage on the
same day.

 

- Premium Times.

 

 

 

 

 

Uganda: Mass Arrests in Uganda, as Hundreds Gather Worldwide Urging China to
Halt

Hundreds of people gathered outside Chinese embassies and financial
institutions in 10 countries today - with another action expected to take
place on the 28th in Washington DC - calling on China to reject financial
support for the East African Crude Oil Pipeline (EACOP) and related oil
field projects. The demonstrations took place across Africa and Europe in a
coordinated day of action organized by Ugandan, Tanzanian and other
StopEACOP campaign members.

 

In Uganda, 30 activists were arrested, underscoring the escalating
repression faced by those opposing the EACOP project. In Tanzania, police
took the banners protesters were holding and took photographed pictures of
the project-affected people shown on the banners with their testimonies,
raising concerns that those individuals could face future harassment by
security forces.

 

This follows the arrest of 7 activists on May 27th during another protest
outside the Chinese embassy in Uganda. Additionally, the recent abduction of
Stephen Kwikiriza and the ongoing harassment and intimidation of numerous
other defenders highlight the severe and persistent threats faced by those
who courageously stand against EACOP. These actions represent a blatant
violation of human rights and an attempt to silence the voices of those
advocating for environmental justice and the protection of affected
communities who have even fewer safe channels to speak up.

 

 

This was the third time local civil society groups in Uganda and Tanzania
working with project-affected people tried to bring their messages to the
Chinese embassies through peaceful demonstrations. Civil society and
community-based organisations in the Democratic Republic of the Congo,
Nigeria and South Africa joined their effort and took to the streets calling
on China not to perpetuate and reproduce the exploitation and damage caused
by the fossil fuel industry and instead realign its developmental approach
to the continent with the aspirations and needs of the African people.
Global groups in Europe also showed solidarity by demonstrating outside the
Chinese embassies and consulates in their respective countries, carrying
letters from affected people and civil society in Uganda and Tanzania.
Cities involved included Paris, France, where demonstrators constructed a
model pipeline spilling a black oil-like substance in front of the embassy
entrance; London and Manchester, UK; The Hague, Netherlands; Düsseldorf,
Germany; and Copenhagen, Denmark. In addition, activists from the Ugandan
Diaspora in the US plan to take action in Washington, DC, on June 28th.

 

 

People participating in the global actions are specifically urging the
Chinese state-owned financial institutions, including the China Export &
Credit Insurance Corporation (SINOSURE), the Export-Import Bank of China
(China Exim Bank), and the Industrial and Commercial Bank of China (ICBC),
to make sound decisions. The Ugandan government has claimed that these
institutions are considering supporting the EACOP projects with a decision
expected by June, but they are reportedly taking a prolonged time to assess
the outstanding risks.

 

 

Participants in the action requested the Chinese embassies to share a range
of materials with relevant Chinese decision-makers. The materials they
brought with them to deliver to embassy officials include two petitions
signed by 2,591 and 2,461 oil project-affected individuals in Uganda,  as
well as studies by Ugandan and international organizations detailing the
projects' impacts. The actions were also intended to show solidarity with
local activists and human rights defenders in Uganda and Tanzania who have
faced repression for opposing the EACOP.

 

All of the Chinese embassies, except for the one in Tanzania, refused to
meet with the protestors or receive the materials. The embassy in Tanzania
briefly met with the action representatives and accepted the materials,
although without promise of a response.

 

As major financiers from North America, Europe, Japan, as well as some from
Africa, have distanced themselves from these harmful projects, the
developers have turned to China for financial support. Ugandan, Tanzanian
and other StopEACOP campaign members urge China, who has made commitments to
be a climate leader and responsible development partner of the Global South,
to refrain from enabling these destructive projects through insurance and
financing. This is the third time in less than one year that anti-EACOP
demonstrations targeting Chinese actors have spread across the globe, and
the Ugandan, Tanzanian as well as other StopEACOP coalition members are
committed to sustaining such actions and continuing its calls on China until
its goals are met.

 

Quotes

 

"Today, on behalf of hundreds of communities in Uganda, we welcome efforts
by all actors globally in urging Chinese financial institutions, including
China Exim Bank, SINOSURE, and ICBC, to halt support for the East African
Crude Oil Pipeline. This project has displaced thousands, destroyed sacred
sites, and eroded our cultures, exposing us to food insecurity. Local
activists have faced threats and abductions for speaking out against this
deadly project. Even our Africa Development Bank recognized the significant
risks and refused support. We urge China to embrace Africa's opportunity for
a clean energy future. Reject EACOP and stand on the right side of history.
In the same vein, we call on the Ugandan government to unconditionally
release all those arrested, as it is our constitutional right to peacefully
demonstrate.",  said Samuel Okulony from Environmental Governance Institute
(EGI) Uganda

 

"Although we initially faced challenges, such as the police confiscating our
materials, I am glad that we visited the Chinese Embassy and they allowed us
to enter inside. We met with Mr. Suleiman Mganji, who confirmed receiving
the Stop EACOP campaign materials we submitted in May. Although we are
uncertain about the response timeline, Mr. Mganji assured us that the
commerce section will review the documents. We remain hopeful for a
productive dialogue. ",   said Richard Senkondo, from Organization for
Community Engagement (OCE), Tanzania

 

"Today communities and activists across the African continent and across the
globe came together under the banner of the StopEACOP Campaign to resist and
confront the injustices of the fossil fuel industry. Our demand for China to
rule out its support for the EACOP project is clear. We cannot accept South
to South partnerships which enable the exploitation of our people and the
destruction of our environment. China's developmental approach to the
continent should work to challenge the violence and destruction of Western
imperialism, not prop-up Total's neocolonial extraction. We insist that the
Chinese authorities hear our demands and pursue a developmental path
underpinned by investment into decentralised and socially-owned renewable
energy systems for Africa.",  said   Zaki Mamdoo, StopEACOP Campaign
Coordinator

 

"Global allies will continue to do actions in solidarity with affected
communities and local civil society organisations until Sinosure, China
Eximbank the Industrial and Commercial Bank of China (ICBC) and other
Chinese banks and insurers listen to the concerns of affected communities
and  rule out support for the oil projects. EACOP is not only risky for the
communities and the planet, but also for the financial institutions
supporting it. Numerous banks have already understood the reputational and
legal risks in being associated with these controversial projects, including
South African banks Nedbank, Absa, FirstRand and Investec, the African
Development Bank, and a former financial advisor of the project — SMBC from
Japan. The Chinese financial institutions need to understand that these
risks will only increase as the projects press ahead regardless of the
increasing opposition from communities and the StopEACOP coalition. It is
clear that the wise and right choice here is to rule out support for the
EACOP projects and become the sustainable development partner for the Global
South that China committed to becoming" , said   Rieke Butijn, Climate
campaigner and researcher, BankTrack

 

 

 

 

Ghana: 75% of Ghana's Workforce in Informal Sector, 65 Percent of Youth
Jobless - UNDP Report

Angela Lusigi, stressed the importance of building human capital through
education, infrastructure development, and technology to create sustainable
jobs, especially for the youth.

 

The latest Ghana Human Development Report 2023 (GNHDR) reveals that 75% of
Ghana's workforce operates in the informal sector which offers unstable and
low-paying jobs.

 

The United Nations Development Programme (UNDP) launched the report in Accra
on June 26, 2024, in collaboration with the Ghana Statistical Service and
the National Development Planning Commission (NDPC).

 

The report shows that 65% of young people between 15 and 24 years old are
unemployed, posing a threat to the country's future development.

 

 

At the report's launch, the UNDP Resident Representative in Ghana, Angela
Lusigi, stressed the importance of building human capital through education,
infrastructure development, and technology to create sustainable jobs,
especially for the youth.

 

"Strategic investment in both human capital and infrastructure is crucial
for Ghana to create a conducive environment for sustainable jobs for all,"
Lusigi said.

 

On the part of the Government Statistician, Prof. Samuel Kobina Annim
underscores the need for stakeholders to prioritize inclusive growth and
sustainable job creation.

 

"The report provides crucial insights, I urge stakeholders to adopt policies
that foster inclusive growth and sustainable job creation," Prof. Annim
said.

 

According to the Director-General of the NDPC, Kodjo Esseim Mensah-Abrampa,
streamlining regulations and formalizing the informal sector is another key
suggestion to consider.

 

"By investing in infrastructure and promoting entrepreneurship, Ghana can
harness the potential of its youth and informal sector," Mensah-Abrampa
said.

 

As part of the recommendation, there must be a link between work and human
development, by incorporating Science, Technology, Engineering, Arts and
Mathematics (STEM/STEAM) subjects and entrepreneurial training to empower
youth with the skills and knowledge required to succeed in the future
employment landscape.

 

The report also stressed the need for a national long-term plan by
prioritizing job creation, infrastructure development, and education reform
to ensure that all Ghanaians have access to decent work and improved living
standards by 2030 and beyond.

 

- Accra Times.

 

 

 

 

Mozambique: New Factories Created 22,960 Jobs Over Last Five Years

Maputo — Five new factories, which began operation in the last five years
(2020 to 2024), in Maputo, Nampula and Niassa provinces, have contributed to
the creation of 22,960 jobs.

 

According to the Minister of Industry and Trade, Silvino Moreno, who was
speaking, on Wednesday, in Maputo, at the opening of the Coordinating
Council of his Ministry, taking place under the slogan: "Creating bases for
sustainable integrated development', the factories in question produce
cement, cooking oil, pasta, beer and artificial hair.

 

"The new cement factory based in Maputo province has the installed capacity
to produce two million tonnes a year and five thousand tonnes of clinker a
day, thus helping to reduce imports. The Cuamba vegetable oil production
plant, in Niassa province, has a capacity to extract 25 tonnes of crude oil
and refine 10 tonnes, thus also reducing imports', he said.

 

 

In the current five-year period, he said, the industrial sector has also
made progress in pasta production, with an increase in installed capacity to
102 tonnes per day, for national consumption and export.

 

"So far the factory is exporting pasta to neighboring countries, including
Zimbabwe, Zambia and South Africa. Regarding the brewery, the plant has the
capacity to produce 240 million liters a year. The artificial hair industry
produces 246,600 units a year', said Moreno. He noted that 75 per cent of
the workforce in the artificial hair factory consists of women.

 

According to the minister, during the same five year period, 72.3 million
tonnes of various agricultural products were marketed, which was a growth of
2.3 per cent in 2020, 4.5 per cent in 2021 and 14.3 per cent in 2022 and
2023.

 

"To respond to the increase in agricultural production and for better
preservation of products, warehouses and silos with a total capacity of
22,150 tonnes were built or rehabilitated', he said.

 

 

 

 

Nigeria: Oil-Theft - Navy Destroys 10 Illegal Refining Sites, Speedboat

"The illegal refining site is hidden away at the core of Nembe Creek, and it
took the deployment of high-resolution drones to discover this site."

 

The Nigerian Navy Forward Operating Base in Brass, Bayelsa, has destroyed 10
illegal refinery sites in Nembe Local Government Area of the state.

 

The navy also destroyed a speedboat and seized 100,000 litres of suspected
stolen crude oil.

 

The Commanding Officer of the Forward Operating Base, Ifeanyichukwu
Mabeokwu, a navy captain, disclosed this while speaking with reporters
during the operation on Thursday.

 

 

Mr Mabeokwu said his team carried out the operation and subsequent
destruction in line with the navy's aspiration to decimate illegal refining
sites and crude oil theft in the Niger Delta.

 

"My team and I are here to carry out deactivation operations in these
illegal refining sites.

 

"As you can see, there is a large one with over 10 refining units; it has,
cumulatively, about 80 litres of illegally refined AGO and 100,000 litres of
stolen crude oil respectively.

 

"The illegal refining site is hidden away at the core of Nembe Creek, and it
took the deployment of high-resolution drones to discover this site.

 

"Now it has been discovered, we are going to do everything possible to see
that this does not exist and will cease from this moment.

 

"The discovery was made early this morning at about 0630-7000 hours," he
said.

 

 

According to the commanding officer, the team met all the ovens still active
on arrival, to prove illegal activities were ongoing just before they
(suspects) sensed the naval presence and fled.

 

"I believe they heard the sound of our gunboat, and they abandoned the site.
As we arrived here, nobody was seen," he said.

 

Mr Mabeokwu said the navy, under the leadership of the Chief of Naval Staff,
Emmanuel Ogalla, will stay committed to maintaining the security and safety
of the Nigerian maritime domain.

 

According to him, the navy will continue to facilitate a conducive
environment for legitimate businesses to flourish and contribute to the
nation's economic progress.

 

He, therefore, warned those who indulge in such illegitimate businesses to
desist, promising that the navy would not allow them to find peace.

 

(NAN)

 

- Premium Times.

 

 

 

Nigeria: Oil Refiners Back Dangote, Decry IOCs' Refusal to Sell Crude to
Local Refineries

The Crude Oil Refineries Association of Nigeria (CORAN) has backed Dangote
Oil Refinery and Petrochemicals Limited on its recent allegation that
Nigerian oil producers, especially the International Oil Companies (IOCs)
were actively obstructing the refinery's operations by refusing to guarantee
crude supply.

 

Reacting to the report, the Chairman of CORAN, MomohOyarekhua, said that
Dangote Refineries, as a member of CORAN, expressed exactly the concerns of
many other members who had been faced similar bottlenecks had observed.

 

 

A statement from the organisation said Oyarekhua spoke on Channels
Television, stressing that the problem had caused serious operational
dilemmas due to the hurdles of obtaining crude oil locally for operations.

 

"I will take it from the angle of producers of crude rather than focusing on
the IOCs alone. What we usually call IOCs are the international producers,
but I do not think it is just about the international producers and
operators in Nigeria.

 

"I think it's more about the producers of crude in Nigeria that are perhaps
frustrating the refineries in Nigeria from getting crude.

 

"In fact, we have been on this journey. I, particularly have been on this
journey of advocating for crude sales to local refineries and also where
necessary for the modular refineries for crude to be sold to them in naira.

 

 

"This is because most of our products are produced into the local market and
income is actually in naira and it is just common sense that if you sell
products in naira you should be able to get your feedstock in naira.

 

"This is mostly when that feedstock is produced in Nigeria, so that you
don't put pressure on the US dollar that is already scarce in the country,"
it quoted him as saying.

 

Oyarekhua said there had been several engagements with the Nigerian Upstream
Petroleum Regulatory Commission (NUPRC), stressing that the Domestic Crude
Oil Supply Obligation in the Petroleum Industry Act (PIA) should be adhered
to.

 

"I think that law was specifically put there by legislators not to starve
the refineries. But what we have seen is a huge and still resistance by the
producers of crude in Nigeria. They will rather prefer to export crude
abroad to selling to local refineries," he pointed out.

 

 

He insisted that the cost of finished products would reduce drastically if
local refining is encouraged, instead of importation of finished refined
products that do not even meet quality standards.

 

"We all saw that when Dangote came on stream, diesel dropped from NGN1,600
to about NGN1,200, and as we speak today, from our refineries, we are even
selling less that NGN1,100. This is to tell you how far producing crude
locally can support the economy and can support the people of Nigeria," he
argued.

 

He emphasised that if there are functional refineries in the country, it is
difficult to understand why the refineries cannot be supported, urging the
government to play its role to ensure that the laws are implemented.

 

Oyarekhua stated that the association was deeply saddened by the lack of
support for its members over the past three to four years.

 

"As it stands today, with Dangote's production and production from the
modular refineries, we are currently self-sufficient in the production of
the primary products which are diesel, fuel oil, naphtha and kerosene.

 

"Dangote is producing aviation fuel, so there is really no reason for the
importation of products into the country," he added.

 

He further expressed dismay that marketers were doing everything to
frustrate refineries, stressing that he hoped that the difficulties will be
removed as soon as possible so that members can go into full production to
meet installed capacity.

 

Earlier this week, Vice President, Oil and Gas at DIL, Devakumar Edwin, had
accused the IOCs of inflating prices of local crude oil, and making it
prohibitively expensive for the refinery to purchase in Nigeria.

 

CORAN also joined the Dangote Refineries to call on the National Assembly
and the executive arm of government to intervene in the oil & gas sector to
avert further unwholesome experiences faced by its members.

 

- This Day.

 

 

 

 

Namibia: Government Approves Construction of Second Desalination Plant

The Minister of Agriculture, Water, and Land Reform, Calle Schlettwein,
announced this week the government's approval for the construction of a
second desalination plant in the Erongo region.

 

The decision comes in response to escalating water demands exacerbated by
urban development and industrial expansion.

 

Speaking at a Land Development Conference in Henties Bay on Wednesday,
Schlettwein emphasized the crucial role of NamWater-managed water supply
infrastructure in ensuring a secure and sustainable water source for
communities.

 

Currently, the region relies on groundwater aquifers from the Omaruru Delta
and Kuiseb Delta, alongside desalinated water from the Orano desalination
plant, supported by a network of pump stations, pipelines, and reservoirs.

 

 

"We have, however, reached the limit of sustainable supply from these three
resources, which currently stands at just under 30 million cubic meters per
year," Schlettwein explained.

 

The ambitious development plans of Walvis Bay and Swakopmund, coupled with
increased mining, industrial activities, and agricultural needs, have
collectively surpassed the capacity of existing water sources.

 

"As a result, approval has been granted for the construction of a second
desalination plant with a capacity of approximately 20 million cubic
meters," he added.

 

Construction of the new plant is scheduled to commence in January 2025, with
completion expected by early 2027, pending successful implementation, he
said.

 

- Namibia Economist.

 

 

 

 

Nike tumbles as upstarts grab market share

Nike had said it expects a surprise 10% drop in quarterly revenue, as it
faces growing competition from newer rivals such as On and Hoka.

The news sent Nike shares plunging more than 12% in after hours trading,
which could mean a loss of $15bn in market value if the losses hold on
Friday.

The world's largest sportswear company also told investors it is facing
weakening demand in international markets, including in China.

But Nike is optimistic that new products and a marketing campaign at the
upcoming Olympic Games in Paris will help the company regain momentum with
consumers.

"The Paris Olympics offers us a pinnacle moment to communicate our vision of
sport to the world," CEO John Donahoe said on the earnings call.

The company also lowered its outlook for the 2025 fiscal year.

It said direct-to-consumer business declined 8%, as some customers went for
more trendy upstart brands.

"There's a sense that Nike just hasn't innovated enough, it hasn't marketed
enough, it hasn't told enough stories around its products," the Managing
director of GlobalData Retail, Neil Saunders, told the BBC.

The sportswear giant's strategy to sell its products through its own stores
and website instead of wholesales like Foot Locker hurt sales, Reuters said.

"Nike needs to get on the front foot again in terms of persuading people to
buy its products," Mr Saunders added.

Nike is currently the top sponsor of jerseys at the UEFA Euro 2024 football
tournament, beating out brands like Adidas and Puma.

They are sponsoring nine national teams including England, France and
Portugal.-BBC

 

 

 

 

Electric car battery charges in under five minutes in track test

An electric car battery developed by UK start-up Nyobolt has successfully
charged from 10% to 80% in four minutes and 37 seconds in its first live
demonstration.

It was achieved with a specially-built concept sports car on a test track in
Bedford, and is part of industry-wide efforts to get electric vehicles (EVs)
charging more quickly.

By comparison, an existing Tesla supercharger can charge a car battery to
80% in 15-20 minutes.

Experts say eliminating so-called "range anxiety" is key to increasing
uptake of EVs - but also stress the importance of improving the charging
infrastructure.

“Developing technology that enables people to charge more quickly, which
chimes with the time it currently takes to re-fuel a car – is really
important," Paul Shearing, Professor of Sustainable Energy Engineering at
Oxford University, told the BBC.

But he added there needed to be more chargers of all types.

“People are going to want fast-charging infrastructure, independent of what
car they’re using – everyone wants to do this more quickly,” he said.

The sports car the Nyobolt battery was fitted to - which was tested over two
days this week - achieved a range of 120 miles after four minutes

A Tesla charged to 80% would typically have a range of up to 200 miles.

 

Nyobolt A scenic countryside view with a cool, black sports car speeding
throughNyobolt

The sports car powered by the quick-charging battery

Dr Sai Shivareddy, co-founder of Nyobolt, told the BBC he was pleased with
the results but admitted that the tests had been “nerve-wracking”.

The demo was carried out live in front of an invited audience of industry
professionals for the first time - with a few hitches along the way.

Challenges included the UK heatwave, a failure in the concept car’s cooling
system, and a standard on-site charger that was not made by Nyobolt.

These factors prevented the firm from recreating laboratory results, in
which it says the battery can charge from 0% to 100% in six minutes.

Nonetheless, Dr Shivareddy described the event as “a big milestone for
electrification”, and joked that his own car was still charging, having
plugged it in when he arrived earlier that day.

 

Nyobolt Sai Shivareddy smiling, in a black polo shirt, plugging in the
charging cable for the new carNyobolt

Dr Shivareddy says the public test of the technology was "nerve-wracking"

Nyobolt says it does not intend to manufacture its own vehicles, and plans
to partner with existing car brands, with the battery potentially inside EVs
“at small scale” within a year.

The powerful 350kW DC superfast chargers that it requires are publicly
available in the UK but are not yet widespread.

The firm also claims it has minimised degradation - it says the battery
still charges to 80% after 4,000 cycles.

A full cycle is a charge from 0-100%, but this does not have to come all at
once. For example, two charges of 50% would count as one cycle.

Apple says the iPhone 15 battery will have 80% functionality after 1,000
cycles.

 

Nyobolt The inside of a sports car - lots of wires and cables neatly
organised around a large metallic rectangleNyobolt

The internals of the Nyobolt

Power, weight and durability

There’s a global race to develop faster-charging batteries that are more
powerful, lighter and durable.

Last year Toyota said a technical breakthrough would enable it to develop a
solid state battery which could charge in ten minutes and last 1,200 km
(754m).

And a compact charger developed by the US start-up Gravity can add 200 miles
of range to an electric vehicle in under 13 minutes.

But Dr Edward Brightman, lecturer in chemical engineering at Strathclyde
University, said that while rapid charging is useful for long journeys, the
real barrier to electric vehicle take-up still lay in the supporting
infrastructure.

“Electric cars really aren’t limited by the batteries anymore,” he said.

“We urgently need to upgrade the grid and deploy rapid chargers with the
capability to deliver the charge to the battery.”-BBC

 

 

'Supersize' TV sales shoot up thanks to Euro 2024

England's European Championship games may not have been exciting viewing so
far, but the boss of Currys hopes the Three Lions stay in the tournament to
continue a boost in sales of big TVs.

 

The electricals chain said UK sales were up by more than 30% in the past
month, with boss Alex Baldock adding so-called "supersize" screens - 85
inches and above - were proving popular.

 

"Long may England and Denmark stay in the Euros - that's doing well for us,"
Mr Baldock said.

As well as strong UK sales in the run-up to the tournament, which also
featured Scotland, the retail boss said TV sales in the Nordics - its other
main market - were up as much as 90% on last year.

"Large-screen TVs - over 85 inches - is the fastest-growing segment for us
at the moment," Mr Baldock said.

Meanwhile, department store John Lewis said sales of TVs, speaker systems
and soundbars were up 47% in the week before the Euros started, compared
with the same time last year.

The High Street stalwart said many customers were upgrading to larger
screens, with sales of 65-inch and 70-inch screens more than doubling on
last year.

"Our customers clearly want to be immersed in great sporting action this
summer, bringing the stadium experience to their sofas," said Katrina Mills,
lead TV and AV buyer at the group.

"They want a picture and sound quality to rival the real deal - and when it
comes to TVs, it’s certainly the bigger, the better this summer."

 

AI tech

The sales boost for Currys came as the retailer reported an annual profit of
£28m, following a huge £462m loss the year before.

The company, which has 719 stores across northern Europe selling fridges,
washing machines, TVs, computers and other electrical goods, said it had
saved hundreds of millions of pounds in the past few years by cutting costs
across its UK and Ireland operations.

Mr Baldock said the retailer expected technology powered by artificial
intelligence (AI) to be the "most exciting new product cycle" since tablets
first hit the market in 2010.

He said consumers were drawn to AI products, particular PCs and phones, for
features such as enhanced photography, language translation and extended
battery life.

Russ Mould, investment director at AJ Bell, said: "Currys has joined the
bandwagon to hype up opportunities with AI. The company is expecting to do
well with Copilot+ PCs – pitched as the fastest and most intelligent Windows
PCs on the market.

"The company does face risks, including competition from non-specialists and
any future weakening in the consumer backdrop, but it looks in a much better
place than it did a year ago.”

Currys reported slightly slower sales compared with the previous year as
consumers continued to rein in budgets amid higher living costs.

Phones and mobile services sold well but demand for domestic appliances
weakened and electronics and computer sales fell more steeply.

The retailer said the use of credit climbed in the UK and Ireland to make up
a fifth of purchases.

Earlier this year, US investment firm Elliott Advisors scrapped plans for a
takeover bid for Currys after the board of the UK retailer rejected several
offers.-BBC

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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