Major International Business Headlines Brief::: 01 March 2024

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Major International Business Headlines Brief:::  01 March 2024 

 


 

 

	
 


 

 


 

ü  Nigeria: Tinubu Hits Back At Labour Over Strikes

ü  Nigeria: MTN Suffers Outage in Nigeria, Gives Reason

ü  West Africa: Failed Sanctions and Need for Ecowas to Reinvent Itself

ü  Mozambique: South African Takes Control As Lam General-Director

ü  South Africa: SA Works On Exiting Fatf Grey List

ü  Nigeria: Seplat Rakes in Record N885 Billion Income Amid Foreign Currency
Gains

ü  South Africa: NUMSA Protests in Support of Suspended Putco Workers

ü  Namibia: Chinese Company Takes Over Twin Hills

ü  Nigeria: NNPC, Opec Pledge Collaboration to Attract Investments

ü  Tanzania: Zanzibar Welcomes Impending Debut of Jambojet's
Mombasa-Zanzibar Flight

ü  Nigeria: Mixed Reactions Trail Central Bank's Monetary Policy Decisions

ü  South Africa: Soweto Households Without Electricity for Seven Months

ü  India economy beats expectations with 8.4% growth

ü  Issa brother to step back after 'fixing' Asda

ü  AI optimism sends Nasdaq to new post-Covid high

 


 

 


 <https://www.cloverleaf.co.zw/> N Nigeria: Tinubu Hits Back At Labour Over
Strikes

President Bola Tinubu yesterday threw jabs at the Nigeria Labour Congress
(NLC) over its series of industrial actions, saying calling four strikes
against his administration that is barely nine months is unacceptable.

 

The president, who stated this at the official commissioning of the Lagos
Rail Mass Transit (LRMT), Red Line in Lagos, also said his administration
will fight corruption that is currently fighting back at his administration
to the end.

 

He said, "The labour has gone on strike four times within my nine months in
government. That's a record. Calling for a strike in just nine months of an
administration is unacceptable. NLC is not the only voice in Nigeria. It
should wait till 2027 if it is interested in joining the electoral process."

 

Tinubu said he was aware of the complaints being made over the economic
challenges in the country, saying he won't complain because he asked for the
nation's top job.

 

 

"I am assuring that Nigeria will be out of economic problems; we just need
to persevere, work hard and be assured", he said.

 

Tinubu identified corruption as one of the major reasons the country is
facing economic challenges and promised not to look back in the fight
against the menace.

 

He reassured Nigerians that his administration was committed to fighting
corruption to ruins.

 

"No going back on reforms. Smugglers will fight back, corruption will fight
back but we will fight and win. Corruption will go away. The fight against
corruption is on; we will not look back; we will fight it to ruins.

 

"I speak to Nigerians through this podium that change is possible and change
we must achieve, progress we must achieve. It is not about the single
individual, it is about the highest growing population in the world. If you
travel abroad, out of every five black individuals is a Nigerian.

 

"We cannot afford to relax the burgeoning population; we must plan and
prepare for it, we must be committed to a great value, this economy we must
blow it, we will build ourselves out of the penury and will be happy that we
did it.

 

"Taking a close look at work in aviation, what is our problem, if it is
corruption, we must exterminate it. No matter how hard it is fighting back,
we will say no to corruption, we must adhere to our pledge, patriotism,
perseverance, consistency and stay open", he said.

 

Dwelling on the project, he said the commissioning is a serious validation
of democracy of the people, for the people and by the people, adding that
the commissioning is also the crowning of the momentum of greatness his
administration kick started many years ago which has become a reality.

 

 

He also said the commissioning is also proof that a well guided blueprint
has worked across four administrations in the state.

 

"Today is evidence that it's good to dream and it is a serious validation of
democracy by the people for the people, when you people at the centre are
focused, have vision and planning, you will realise the value of democracy.

 

"Twenty-five years ago, I was elected to lead Nigeria most populous state,
the smallest in land mass, when all that existed here was suppressed and
aborted potential. And when the dream began, my team and I toiled day and
night to draft and implement a developmental vision that will transform
Lagos into the economic power house of Africa and a respected mega city on a
global state. We are realising that dream.

 

"I am pleased to declare to you that the momentum of greatness we kick
started a quarter of century ago has since become unstoppable. It's not a
crime to dream and dream big, just stay focused, precisely make development
a central focus," he said.

 

The president commended Governor Babajide Sanwo-Olu and his team for the
laudable project.

 

Governor Sanwo-Olu, in his speech at the occasion, appreciated the two
former governors of the state, Mr. Babatunde Raji Fashola for starting the
construction of the Blue Line and also his successor, Mr. Akinwunmi Ambode,
for his significant and indelible contributions to the further development
of the Blue Line.

 

The governor also thanked former President Goodluck Jonathan for signing-off
on the track-sharing agreement, and the Nigerian Railway Corporation (NRC)
for providing the necessary cooperation and support.

 

Sanwo-Olu sought more support from the Federal Government to further
actualize its dream on other rail lines yet to kick off.

 

"Mr. President, this is not the end of the story, but merely the beginning.
As I said earlier, we are on a long and exciting journey. Much has been
accomplished, and there is still much ahead to be done. There will be a
total of six Lines on the Lagos Rail Mass Transit System, when fully
developed. We have already started preliminary work on the next two: the
Green and Purple Lines."

 

According to him, the Green line is a 71.49-kilometre route from Marina to
the Lekki Free Zone, one of the fastest-growing industrial areas on the
continent, and also where the new Lagos International Airport will be sited.

 

"The Purple Line is a 54.35-kilometre line from the Redemption Camp to Ojo,
near the Lagos State University. The final two lines will be the Orange and
the Yellow Lines", he said.

 

- Leadership.

 

 

 

 

Nigeria: MTN Suffers Outage in Nigeria, Gives Reason

"We apologise for the inconvenience and ask for your patience and
understanding as the team works to restore full service as soon as
possible."

 

Mobile network operator MTN has apologised to its Nigerian customers after
users experienced outages in many parts of the country on Wednesday.

 

It was observed Wednesday that the network disruption affected calls and
data services for several hours.

 

In a statement, the telecom operator attributed the network challenges to a
major service outage caused by multiple fibre cuts.

 

The company said its engineers are working hard to resolve the problem while
noting that services are gradually being restored in some areas.

 

"You have been experiencing challenges connecting to the network due to a
major service outage caused by multiple fibre cuts, affecting voice and data
services. Our engineers are working hard to resolve the problem with
services gradually being restored in some areas.

 

"We apologise for the inconvenience and ask for your patience and
understanding as the team works to restore full service as soon as
possible."

 

The South African-owned MTN is the largest telecom provider in Nigeria,
which provides the company its biggest market.

 

It is active in over 20 countries, and one-third of the company's revenue
comes from Nigeria, where it holds about 35 per cent market share.

 

- Premium Times.

 

 

 

 

West Africa: Failed Sanctions and Need for Ecowas to Reinvent Itself

ECOWAS urgently needs to reinvent itself, especially having set what can be
characterised as a wrong precedent

 

The outcome of last Saturday's meeting was palpable for all who sat in the
presidential banquet hall waiting for ECOWAS heads of state to commence
their extraordinary session.

 

The opening speech read by Nigeria's president and ECOWAS chairperson Bola
Tinubu indicated that sanctions would be lifted on affected member states.

 

"This is why we must re-examine our current approach to the quest for
constitutional order in four of our Member States," Mr Tinubu said at the
ECOWAS summit convened on Saturday in Abuja before the closed-door meeting.

 

The statement was a hint that the bloc was regretting its response to
military takeovers in the region including sanctions imposed on erring
countries.The sanctions were meant to, among others, serve as a deterrent to
soldiers in other countries in the sub-region but failed to do so. From Mali
to Guinea to Burkina Faso and Niger, soldiers carried out their coup despite
the sanctions imposed on previous coup plotters.

 

 

What ECOWAS feared most was fast becoming a reality, being known as a
toothless dog. At the end of its Saturday meeting, it lifted the sanctions
it had imposed on the four erring countries.

 

ECOWAS tried to use the Niger situation to salvage its image but failed. It
only succeeded in pushing junta-led states towards alternatives that are now
providing them with a sense of belonging which they alleged is lacking
within the ECOWAS.

 

"The position of ECOWAS does suggest that it challenged the Nigerien state
to the game of chicken which it eventually lost," Ryan Cummings, director of
Analysis at Signal Risk said.

 

Mr Cummings noted that one has to question whether military intervention to
restore the ousted Niger president was ever a tangible option for the
regional bloc or just a means of hoping that the threat of an invasion would
somehow reverse democratic backsliding in the Nigerien state.

 

 

Many observers also question the lifting of sanctions, saying it could
embolden other coup plotters in the region.

 

"The precedent ECOWAS has set with its lifting of sanctions against Niger,
Mali, Guinea and Burkina Faso is basically that the regional bloc places its
self-preservation over that of democracy and constitutionality," he added.

 

ECOWAS urgently needs to reinvent itself, especially having set what can be
characterised as a wrong precedent. It may want to take a cue from its
Western counterparts on how to sustain hardline positions.

 

"One would be hard-pressed not to see that ECOWAS has set a precedent with
its actions which will ultimately render the body perceived as utterly
toothless in disciplining states that do not abide by their constitutional
obligations," Mr Cummings told PREMIUM TIMES.

 

 

Paul Melly, a consulting fellow at Chatham House, said that ECOWAS will have
to think differently about how to pursue its agenda of democracy and good
governance.

 

"Recent events have highlighted the bloc's weaknesses; it will have to look
at how it can remedy these," he added.

 

Mr Melly opines that the bloc faced a difficult decision and went on to take
a tough line with sanctions that were not achieving the desired goal but as
soon as it reached a realistic conclusion, it decided to pursue an
alternative approach.

 

These events, he said, show that the traditional approaches to enforcing the
charter and the 2001 democracy and good governance protocol no longer work.
Hence, ECOWAS will have to evolve new approaches.

 

One option, Mr Melly suggested, could be to strengthen civilian leaders'
compliance with governance principles on issues like term limits, civil
rights, and fair elections, even though getting incumbent leaders to always
respect these principles is proving difficult.

 

Similarly, Ornella Moderan of the Hague-based Clingendael Institute in a
previous interview with PREMIUM TIMES suggested that if ECOWAS wants to
survive the challenge posed by Sahel states and revive its democratic agenda
in the region, it will have to reconsider what it means to support such an
agenda. It will also have to undertake substantial reforms to become more
effective and consistent at promoting democratic norms, not just on the
surface with facade elections, but in the spirit of liberal democracy -
accountability, rule of law for all including those in power, and systematic
refusal of any abuse of power and position.

 

On the other hand, Agnes Gitau, executive director of GBS Africa, says the
sequence of ECOWAS issuing threats and then retracting indicates several
things.

 

"The initial hardline approach followed by a retraction could be part of a
broader negotiation strategy. Tough stances may be used to bring parties to
the negotiating table, with the subsequent easing of sanctions serving as a
goodwill gesture to facilitate dialogue," she said.

 

Ms Gitau noted that while the retraction could be seen as a sign of weakness
or indecision, it could also be interpreted as a move to maintain unity and
avoid the alienation of member states, which is crucial for ECOWAS'
long-term credibility and effectiveness.

 

However, for ECOWAS to regain trust and credibility, it may need to
strengthen its institutional frameworks to ensure its policies are
consistent and effectively enforced, she said, adding that this could
involve clearer mechanisms for conflict resolution and sanctions, which
would also serve as a model for other regional bodies under the African
Continental Free Trade Agreement (AfCFTA).

 

According to Ms Gitau, the situation within ECOWAS is a reflection of the
challenges facing regional bodies in Africa. The way ECOWAS handles these
challenges will have significant implications for the AfCFTA's goal of
economic integration, she said.

 

"If ECOWAS can navigate through its current issues effectively, it can serve
as a positive example for other regions on the continent, showcasing how
regional bodies can contribute to the larger vision of a united and
economically integrated Africa," she said.

 

For Ms Gitau, the current challenges present an opportunity for ECOWAS to
learn, adapt, and implement policies that better serve the interests of all
member states. Such adaptability is necessary for the dynamic process of
regional integration.

 

- Premium Times.

 

 

 

 

 

Mozambique: South African Takes Control As Lam General-Director

Maputo — The executive director of the South African Company Fly Modern Ark
(FMA), Theunis Crous, is the new general-director of the publicly-owned
Mozambique Airlines (LAM).

 

According to a Wednesday statement from LAM, the company's board of
directors has decided to remove João Carlos Pó Jorge from his position as
general-director.

 

Pó Jorge, who managed LAM for almost six years, is leaving his position at a
moment when the company faces cases of alleged embezzlement and other
corruption schemes, which have been harming its functioning, as it fights to
recover from bankruptcy.

 

The FMA was hired last April by the government to bring LAM into
profitability and rescue it from bankruptcy.

 

The decision to appoint Crous general director "falls within the
restructuring plan, which aims to bring more flexibility into the company,
as well as improving its procedures and services', said the LAM statement.
"Theunis Crous will hold the position until 30 April this year, after the
decision on whether to renew the contract of Fly Modern Ark'.

 

Recently, FMA claimed that around 3.2 million dollars had disappeared from
the airline's coffers last December alone.

 

As response to this claim, the government, through the Institute for the
Management of State Holdings (IGEPE), has called for the intervention of the
Attorney-General's Office (PGR) in order to hold those involved in the
alleged embezzlement accountable for their crimes.

 

 

 

 

 

 

South Africa: SA Works On Exiting Fatf Grey List

National Treasury has noted that whilst South Africa is on track to address
all the outstanding action items by the Financial Action Task Force (FATF)
with regards to the country's grey listing, it remains a challenge to
address all 17 of the remaining action items by February 2025.

 

"All relevant agencies and authorities will need to continue to demonstrate
significant improvements, and also for such improvements are being
sustained," National Treasury said on Thursday.

 

The FATF is the international standard-setting body that oversees global
compliance with anti-money laundering rules.

 

 

"The February 2024 FATF Plenary adopted a report by the Joint Group,
confirming that five of the 22 action items are now addressed or largely
addressed. These relate to the legal provisions criminalizing terrorist
financing and underpinning South Africa's targeted financial sanction
regimes related to terrorism financing and proliferation financing,
increasing the use of financial intelligence from the Financial Intelligence
Centre to support money laundering investigations, and increasing the
resources of AML/CFT [Anti-Money Laundering and the Combating of the
Financing of Terrorism] supervisors," National Treasury said.

 

The FATF grey listed South Africa at its February 2023 Plenary meetings
where a jointly agreed Action Plan was adopted listing 22 action items
linked to the strategic deficiencies identified in the AML/CFT regime.

 

The FATF grey list refers to the FATF's practice of publicly identifying
countries with strategic AML/CFT deficiencies. The FATF maintains two such
lists with one being jurisdictions under "increased monitoring" that are
actively working with the FATF to address strategic deficiencies in their
regimes" and secondly "high-risk jurisdictions subject to a call for action"
that are not actively engaging with the FATF to address these deficiencies.

 

 

 

South Africa is required to address all 22 to exit the FATF grey list.

 

"The deadlines for addressing the action items fall between January 2024 to
January 2025. Should South Africa be assessed to have largely addressed all
22 Action Items in February 2025, the FATF will schedule an onsite visit in
April/May 2025, to confirm that assessment and make a recommendation to the
June 2025 FATF plenary.

 

"In this cycle of reporting, the FATF also considered that two further
action items that were previously not addressed, have now been partly
addressed, confirming that 14 of the 17 outstanding action items have now
been partly addressed.

 

"Three action items still have not been addressed as yet. The deadline for
South Africa to address (or at least largely address) four of the
outstanding action items in the Action Plan, is May 2024," National Treasury
said.

 

The FATF will consider South Africa's progress on these action items at its
plenary meeting in June 2024. A further eight action items are due in
September 2024, and the final five items are due in January 2025.

 

The process in addressing effectiveness deficiencies is distinct from the
process in addressing technical compliance deficiencies (related to the
adequacy of the country's AML/CFT laws and policy frameworks).

 

"The October 2023 FATF plenary formally re-rated 18 of South Africa's 20
deficiencies, based on the progress made by the South African authorities in
the two-year period following the 2021 mutual evaluation. Of these, 15 were
upgraded to a point where they are no longer deficient, as 14
Recommendations are now fully or largely compliant, and one Recommendation
was deemed to be inapplicable to South Africa.

 

"Following these re-ratings, South Africa is now deemed to be fully or
largely compliant in 35 of the 40 FATF Recommendations, including in five of
the six core FATF Recommendations. South Africa will apply for further
re-ratings of technical compliance deficiencies, for the consideration of
the October 2024 FATF Plenary," National Treasury said.

 

- SAnews.gov.za.

 

 

 

 

 

Nigeria: Seplat Rakes in Record N885 Billion Income Amid Foreign Currency
Gains

"Our revenue exceeded $1bn, and while costs increased, our proactive
approach meant we generated more than $260m of free cash flow in the year,"
said CEO Roger Brown.

 

Seplat Energies raked in N885.1 billion in total comprehensive income - the
combined earnings that companies receive from unexpected gains in addition
to profit - after the energy giant turned Nigeria's foreign exchange crisis
into its advantage.

 

According to the corporation's audited books released on Thursday, total
comprehensive income surged more than eight times from N106.5 billion the
preceding year.

 

 

For an energy giant that generates its revenue mostly from the dollar, the
pretty strong performance owed its debt to jumbo earnings from crude oil
sales on converting the proceeds from the dollar into naira.

 

The local currency fell by about 50 per cent against the hard currency
during the year, providing the biggest windfall ever of this kind to Seplat
in its fifteen years of operation.

 

"Our revenue exceeded $1bn, and while costs increased, our proactive
approach meant we generated more than $260m of free cash flow in the year,
allowing us to continue rewarding our shareholders and further reduce net
debt," said CEO Roger Brown.

 

The company realised 83 per cent more in net profit compared to the previous
year with support from increased oil revenue, putting its after-tax profit
of N81.3 billion at a four-year record.

 

In dollar terms, the result is similarly a cheering development for the
corporation, which is also listed in London in addition to Lagos, as the
bottom line advanced by 18.3 per cent.

 

 

Nigeria's biggest oil & gas company by market value, currently worth about
N2 trillion, is now inches away from regaining the pre-pandemic profit level
of N85 billion, attained in 2019 after the far-reaching impact of various
global lockdowns upset supply chains and limited income.

 

Its earnings release on Thursday put turnover at almost N700 billion, 72.5
per cent higher than a year ago.

 

That said, reactions from both markets were mixed in morning trade with the
share price already fallen by 10 per cent on Lagos' Customs Street, its
biggest in at least ten days.

 

The tale was different in the British capital as a rush for Seplat's shares
by investors in London had driven the stock 5 per cent up as of 10:35 GMT.

 

For the year under review, the company announced twin rewards comprising a
final dividend of 3 cents and a special dividend of the same value for
shareholders, both totalling 6 cents per share for shareholders.

 

But the exchange rate of the dividend in naira won't be determined until
about two months according to the conversion rate of the appointed date,
Seplat said.

 

"Shareholders holding their shares on the Nigerian Exchange Limited without
a valid Nigerian Certificate for Capital Importation ("CCI") will be paid
their dividend in Naira as the default currency," the company disclosed in a
statement seen by PREMIUM TIMES, a decision that probably had irked local
investors who prefer the cash payments to come in the dollar.

 

Seplat is the only one that pays a dividend every quarter of all the listed
companies in Nigeria, with five dividend payments on the card for
shareholders, when the special dividend is included.

 

Profit before taxation jumped by more than two-fifths to N125.5 billion
during the year.

 

- Premium Times.

 

 

 

South Africa: NUMSA Protests in Support of Suspended Putco Workers

The National Union of Metalworkers of South Africa (NUMSA) has threatened to
go to the Labour Court in support of 120 employees suspended by Putco.

 

The workers were charged with gross misconduct after a strike over pay in
2022, according to Putco spokesperson Lindokuhle Xulu.

 

Xulu said the workers had intimidated other employees "by going into their
offices and workspaces and removing them and forcing them to join the
strike".

 

"We have footage of that," she said.

 

 

The workers are also charged with "breaching the media policy" because "only
the spokesperson is at liberty to speak on behalf of Putco or about Putco."

 

The matter is being heard in the Commission for Conciliation, Mediation and
Arbitration (CCMA).

 

On Tuesday, NUMSA members marched to Putco headquarters in Linbro Business
Park, Sandton.

 

The suspended workers complain that during the hearings they have to report
to Putco depots in Nancefield (Soweto) and Zandfontein (Tshwane).

 

Xulu said this is because some had started working elsewhere, in breach of
their contracts, and others had not been reporting to the CCMA, delaying the
process. She said only 25 people have so far been heard at the CCMA.

 

One Soweto bus driver, who asked to remain anonymous, said it's like being
in a prison. There are bathrooms, but they are only allowed to use mobile
toilets and a water tank.

 

 

 

"We sign in, sit at the depot [all day], play dice, eat and sleep, and
repeat. There is nothing we can do there," he said.

 

NUMSA and Putco also disagree about the length of time the hearings should
take.

 

NUMSA said Putco wanted to stop paying the suspended employees if the
hearings were not concluded by 5 April.

 

"Should the company find this arrangement financially burdensome, it has the
freedom to lift the suspensions and utilise the services of workers
productively, pending the finalisation of the CCMA arbitration process,"
according to a NUMSA statement after the parties failed to reach agreement
on Tuesday.

 

If Putco did not meet NUMSA's demands, including lifting the requirement
that the suspended workers report to the depots, the union will head to the
Labour Court.

 

In a statement titled "Unsuccessful negotiations between Putco and NUMSA",
Putco said both parties had agreed that the CCMA hearings should be
finalised "expeditiously".

 

Putco said it was concerned by the the "prolonged CCMA inquiry process,
which both parties had agreed would be undertaken expeditiously".

 

"Putco is of the view that NUMSA's suggestion that the hearings be concluded
by November 2024 is unreasonable."

 

"This would be more than two years since the process started and would go
against the union's commitment in the Section 150 agreement to finalise the
matter speedily. Putco believes that two months is sufficient time to
finalise these proceedings."

 

- GroundUp.

 

 

 

 

Namibia: Chinese Company Takes Over Twin Hills

Chinese company Yintai Gold has reached an agreement with Canadian gold
exploration company Osino Resources to acquire all outstanding Osino common
shares in a deal valued at around C$368m (N$5,5 billion), or C$1,90 per
share.

 

This will enable Yintai to take ownership of Osino's gold assets in Namibia,
including the Twin Hills gold project in central Namibia, as well as
exploration projects Ondundu and Eureka.

 

Prior to entering the Yintai agreement, Osino terminated its arrangement
with Dundee Precious Metals (DPM), which was reached on 17 December 2023.

 

 

According to a statement from Heye Daun, Osino's president and chief
executive, released on 19 February, Osino received a binding proposal from
Yintai to acquire all of the issued and outstanding Osino common shares and
notified DPM that this offer constituted a "superior proposal" in accordance
with the terms of the DPM agreement.

 

The superior proposal was approximately 32% more than the implied value of
the consideration offered pursuant to the DPM agreement.

 

Yintai has also provided Osino with a loan comprising an approximately US$10
million facility provided concurrently with the execution of the agreement
to enable the continued, fast-tracked development of the Twin Hills gold
project, and to fund other liquidity needs of Osino and an amount equal to
the termination fee paid by Osino, following the termination of the DPM
agreement.

 

Daun stated: "While we were appreciative of the previous offer from DPM, the
all-cash offer from Yintai represents a significant premium to the DPM offer
price, thus is clearly a superior proposal, and is an excellent outcome for
Osino's shareholders.

 

 

"Yintai is experienced, well-financed, and has a highly credible track
record of gold mining in China, with the technical skills and financial
resources to progress the project through construction and into production.
We look forward to working with Yintai to continue to fast-track the
development of the project and close this transaction."

 

Xingong Ou, the president of Yintai, said: "Twin Hills represents a unique
opportunity to add a high-quality gold development asset to our portfolio in
a stable and mining-friendly jurisdiction. The project provides the
foundation for our future production profile, with production targeted for
2026, as well as significant exploration upside.

 

"We are excited to leverage the excellent work done by the Osino team in
discovering and progressing Twin Hills to this point, and we are looking
forward to working with the existing Osino team to grow their Namibian
activities and to implement the construction of the project.

 

"We are impressed with the responsible mining approach which the Osino team
has built, and we intend to continue and to grow that approach."

 

After consultation with its financial and legal advisers, and on the
unanimous recommendation of the special committee of independent directors,
the Osino Board unanimously determined that the transaction is fair to Osino
shareholders and is in the best interests of Osino, and approved the Yintai
agreement.

 

- matthew at namibian.com.na

 

- Namibian.

 

 

 

 

 

Nigeria: NNPC, Opec Pledge Collaboration to Attract Investments

The Nigerian National Petroleum Company Limited (NNPC Ltd) and the
Organization of the Oil Exporting Countries (OPEC) have pledged to work
closely together to achieve the nation's aspirations to attract investments
and boost production.

 

Olufemi Soneye, the chief corporate communications officer of NNPC Ltd,
disclosed this in a statement on Wednesday.

 

Mr Soneye said Mr Soneye said the two organizations came to this accord when
the Secretary General of OPEC, Haitham Al-Ghais, paid a courtesy visit to
the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, at the NNPC
Towers on Wednesday.

 

 

Speaking at the event, according to the statement, Mr Al-Ghais said OPEC
aligned with NNPC Ltd's vision as captured in its payoff line "Energy for
Today, Energy for Tomorrow" because of its inclusive view of energy as
opposed to the view being pushed in some quarters that some sources of
energy were bad.

 

He disclosed that in spite of the pushback on oil and gas, the world would
require about $14 trillion investments from now till 2035 to be able to meet
global demand.

 

However, he urged the NNPC Ltd to do everything to tap into that opportunity
to raise its production to continue to be a reliable source of energy to the
world.

 

"We will continue to ensure that the market is stable. The global market has
to be stable in order for Nigeria to be able to attract investors. If
there's volatility, if there's no stability in the market, it will only
create havoc for everybody, whether it's a producer or consumer country. So,
we will continue to do that in OPEC. We count on Nigeria's support", Mr
Al-Ghais reportedly said.

 

In his remarks, Mr Kyari said NNPC Ltd was working very hard to recover lost
production and provide the right fiscal environment to attract investments.

 

He expressed appreciation to OPEC for its support to Nigeria, noting that
the company will continue to support the organisation in whatever way it
could.

 

- Premium Times.

 

 

 

 

Tanzania: Zanzibar Welcomes Impending Debut of Jambojet's Mombasa-Zanzibar
Flight

Nairobi — The Government of Zanzibar has welcomed the impending debut of the
Jambojet's flight linking Mombasa and Zanzibar.

 

The Indian Ocean Island Minister of Infrastructure, Communication, and
Transport, Khalid Salum Mohamed, said the low-cost carrier will increase the
number of tourists and business travelers in the country.

 

"Considering Zanzibar's 2050 Vision of enhancing the blue economy and
increasing the number of visitors to our island, the expansion of
infrastructure is essential to help achieve our goal and is a current
national priority," said Mohamed.

 

Starting July 1, 2024, Jambojet will fly four times a week between the two
destinations, with fares starting as low as $113 for a one-way ticket.

 

The unveiling will come at a time when the airline is celebrating its 10th
anniversary.

 

Jambojet Managing Director and CEO Karanja Ndegwa said that the company's
decision to establish the route was driven by increasing demand and
acceleration towards unlocking commercial opportunities within the region.

 

"Since inception, Jambojet has been focusing on connecting people in the
underserved or unserved routes," said Ndegwa after a meeting with Mohamed
and other Zanzibar transport officials.

 

"Our decision to launch the Mombasa - Zanzibar route is poised to strengthen
relations between the two countries, bolstering tourism, trade and other
investments."

 

- Capital FM.

 

 

 

 

Nigeria: Mixed Reactions Trail Central Bank's Monetary Policy Decisions

The Monetary Policy Committee of the Central Bank of Nigeria Tuesday
announced a significant increase in its benchmark lending rate by 400 basis
points to 22.75 per cent

 

Economists and policy analysts have expressed concern about the recent
actions taken by the Central Bank of Nigeria concerning the benchmark
interest rate and other monetary policy matters in the country.

 

The Monetary Policy Committee of the Central Bank of Nigeria increased the
benchmark interest rate to 22.75 per cent on Tuesday, as part of the move to
aggressively manage the country's inflationary pressures.

 

Olayemi Cardoso, the governor of the CBN, on Tuesday, disclosed that the MPC
voted to keep the Cash Reserve Ratio (CRR) at 45 per cent while the
Liquidity Ratio was retained at 30 per cent.

 

According to the National Bureau of Statistics, the country's annual
inflation rate jumped to 29.90 percent in January from 28.92 per cent in
December 2023, primarily fueled by a continuous surge in food prices.

 

 

Paul Alaje, chief economist at SPM Professionals, said even though the
monetary policy committee is doing everything possible to fight "stubborn"
inflation, the rate will have a significant impact on the economy.

 

According to him, it is expected that the unemployment rate will rise in the
coming quarters and the impact will be enormous on the overall economy.

 

The latest data from the National Bureau of Statistics shows Nigeria's
unemployment rate rose to 5 percent in the third quarter of 2023, indicating
an increase of 0.8 percent from Q2 2023 (4.2 percent).

 

Mr Alaje said it is obvious that there is no convergence between the fiscal
and monetary authorities.

 

"This also has implications on slowing down the very fragile GDP growth rate
that we are managing and it's obvious that while the monetary authority is
interested in price and exchange rate stability as it concerns them, they
are mindless of what will happen to the overall economy, thus this rate
adjustment," he said.

 

 

 

He also said this rate may discourage people and businesses from going to
the Nigerian Stock Exchange Market as it may not be safe for them.

 

"They will have to smell the coffee, I know in a matter of weeks, their
banks will start writing them for a review of rate, and for those that want
to start a business that needs funding, they will be affected by the rate as
well- that is why we say when you increase rate (monetary) it will crowd out
employment," he said of business owners.

 

The Director Centre for the Promotion of Private Enterprise, Muda Yusuf, in
a statement Tuesday also said the decision of the MPC would further impact
the real economy, which is already facing several macroeconomic
difficulties.

 

 

"Although the decision was consistent with the typical policy response of
the Central Banks globally, it failed to reckon with domestic peculiarities.
The key drivers of Nigeria's inflation are largely supply-side variables and
the CBN ways and means of financing.

 

"Over the last two years, there has been persistent monetary policy
tightening, yet there has not been any significant impact on the
inflationary pressures. If anything, the general price level has been
continuously on the increase," he said.

 

He observed that the impact of monetary policy on the Nigerian economy is
still quite limited, with weak transmission effects.

 

Mr Yusuf emphasised that in Nigeria, price levels are not significantly
influenced by interest rates, as supply-side factors play a more significant
role in driving inflation.

 

Like Mr Alaje, Mr Yusuf also reckoned that the recent increase in the rate
will lead to higher borrowing costs for the limited private sectors that
rely on bank loans, affecting their operational expenses, product prices,
and profit margins, especially amid challenging economic conditions.

 

Positive Signaling

 

A former deputy governor of the CBN, Kingsley Moghalu, commended the CBN for
the decision.

 

In a post on X, he said it is a necessary step to create a special,
lower-cost financing channel for the real sector and small businesses, which
are particularly vulnerable in the current economic climate.

 

"Correct move by the MPCommittee to dramatically hike the Monetary Policy
Rate by 400 basis points to 22.5 per cent. The situation calls for nothing
less if we are to check inflation over 12-18 months. We did the same a
decade ago to bring inflation from 14 per cent to 8 per cent.

 

"It will hit businesses hard, but inflation is hitting harder. We must slay
the inflation dragon lest it consume our economy and we head to
Zimbabwe/Venezuela. The money supply MUST be reduced. Price stability must
take priority before economic growth in the current situation," he said.

 

- Premium Times.

 

 

 

 

South Africa: Soweto Households Without Electricity for Seven Months

About 160 households in Dobsonville in Soweto have been without electricity
since June when a transformer failed. Many of those affected are pensioners.

 

Eskom says the failure of the transformer was due to people illegally
bypassing their meter boxes. Gauteng Eskom spokesperson Amanda Qithi said
when transformers failed, those who had been illegally using electricity
were disconnected and asked to pay a "remedial fee" of R6,052.60. This could
be paid in stages starting with a payment of R500. When 60% of those
involved had paid, a new transformer could be installed and the connections
could be restored, she said.

 

 

But Qithi acknowledged that although the 60% threshold had been reached in
the Dobsonville case, the households had still not been connected to
electricity.

 

"We have not concluded the work that needs to be done before supply can be
restored. We are still busy with the installation of smart meters and other
equipment that is required. Thereafter, we will start to normalise the
network," Qithi said.

 

In November, Gauteng Premier Panyaza Lesufi visited the area and promised
that the households would have electricity by Christmas.

 

Asked about the delay, his spokesperson, Sizwe Pamla, said installations had
not been completed before Christmas as some Eskom and City Power employees
had taken holidays and work slowed.

 

"However, everyone is back at work, and we are stepping up our initiative to
make sure that every home and township has been properly switched on," he
said.

 

Eighty-four-year-old Jemina Sibeko, who lives with two grandchildren, said
she had never bypassed her meter box. "I pay electricity. I even still have
receipts to prove I pay, that's why they should bring it back."

 

She said residents had marched to the ANC headquarters in Luthuli House.
"They told us it is not their issue; Eskom should fix it," she said.

 

Qithi said she was unable to say when power would be restored.

 

"We will give updates as work progresses", she said.

 

- GroundUp.

 

 

 

 

 

AI optimism sends Nasdaq to new post-Covid high

America's Nasdaq index, home to many tech companies, has hit a new high,
which analysts attributed to optimism over artificial intelligence (AI).

 

The Nasdaq rose 0.9% on Thursday, to 16,091.92, formally rebounding from the
slump that hit shares in 2021.

 

Investors expect AI to unleash a new wave of growth and have been snapping
up shares of companies poised to benefit, like chipmaker Nvidia.

 

They are also increasingly optimistic about the path for the US economy.

 

The Dow Jones recovered late last year from losses that hit shares in 2022
as fears of inflation and higher borrowing costs prompted selling. The S&P
500 marked a similar recovery milestone in January.

 

On Thursday, the Dow ended 0.1% higher at 38,997, while the S&P closed up
0.5% at 5,096.27, another new high.

 

It marked a fourth month in a row that all three indexes have gained.

 

Chipmaker Nvidia, whose market value briefly touched $2tn (£1.58tn) this
month, was one of the major companies driving the rally, rising 1.87%.

 

Microsoft, which on Wednesday announced new AI-powered features for finance
workers using products such as Excel and Outlook, rose 1.45%.

 

Smaller chipmaker AMD and PC maker Dell, which is poised to benefit as firms
invest in new equipment to handle AI-powered computing, also climbed on
Thursday.

 

The gains come as investors hope the US central bank is nearing the end of
its inflation fight and will start lowering its key interest rate soon,
making borrowing cheaper, which businesses hope will help money flow more
freely in the economy and increase investor and business activity.

 

On Thursday, the US's Department of Commerce said the personal consumption
expenditures (PCE) price index, an alternative inflation measure that is
watched by the Federal Reserve, fell to 2.4% in January, down 0.2% from
December.

 

The report was in line with expectations.

 

Earlier in February, Japan's main stock index hit an all-time closing high,
surpassing the previous record set 34 years ago, even as the country's
economy fell into a recession.-bbc

 

 

 

 

Issa brother to step back after 'fixing' Asda

Mohsin Issa, one half of the so-called "billionaire brothers" who own Asda,
says he plans to hand over the running of the UK's third biggest
supermarket.

 

In his first ever interview, the entrepreneur told the BBC he was carrying
out a "reset" at the grocer before appointing a chief executive.

 

Despite Asda's £5bn debt pile, Mr Issa said he was "here for the long haul".

 

He also dismissed rumours of a rift with his brother Zuber, saying the pair
"get on exceptionally well".

 

"We talk to each other probably two or three times a day. We've been very,
very privileged. We have been on a journey and we have got a long way still
to go," he told the BBC.

 

It has been quite a journey. Until now the Issa brothers have preferred to
stay out of the media spotlight, giving no interviews while they built a
business empire spanning 10 countries.

 

They have made it big time - so big the double act was listed 40th on the
Sunday Times' Rich List last year with a net worth of £5.05bn.

 

"We've not done bad to be honest," chuckles Mr Issa at the opening of Asda's
1,000th store in Stevenage. "It surpassed our dreams and visions."

 

Asked if they hate being called the billionaire brothers, he replies: "It's
not a tag you want to be associated, but I suppose that's what people call
it and I suppose it is what it is."

 

The pair, from Blackburn, had humble beginnings, and ran their own
individual businesses before jointly purchasing their first petrol station
in Bury, Greater Manchester, in 2001.

 

As the oil companies began selling off and closing their High Street petrol
stations to concentrate on production and refining, the brothers took a
chance to expand and joined forces with private equity firm TDR Capital to
snap up the vacant sites.

 

They also realised another opportunity in making the shops on forecourts
more attractive to drivers to spend more money on coffee, fast food and
other groceries, which Mr Issa said was a shift from the "dirty, kiosk
style" stores offering "cokes and smokes".

 

Mr Issa claimed the pair got "lucky". "We have been in the right place at
the right time and taken advantage of some of them opportunities."

 

Today, the EG Group empire includes some 6,000 convenience and petrol
stations across 10 different countries, stretching from the UK to the US and
Australia, with the likes of Starbucks, Greggs and Subway on offer at
various sites.

 

The forecourts fuelled the Issas and TDR Capital to buy Asda from Walmart
three years ago, but they took on a huge amount of debt to complete the
takeover. The brothers were both awarded CBEs after the news.

 

Why Asda? "It's a once in a lifetime opportunity," said Mr Issa, the details
man of the double act, who oversees the running of the supermarket while his
brother Zuber focuses on the petrol station business.

 

Mr Issa says h works "six-and-a-half days a week", often popping up at
stores across the country. He is still very much a retailer at heart.

 

The 52-year-old has been the architect of Asda Express, the convenience
store aiming to rival the likes to Tesco Express and Sainsbury's Local.

 

The expansion has been his mission. On Thursday, Mr Issa opened the latest
Asda Express, but the company has already converted some 110 former Co-op
and EG stores to Asda Express in February alone. The firm will have amassed
470 convenience stores in the UK by the end of March.

 

"Did I ever think I'd be in a business the size and scale of this?
Absolutely not," said Mr Issa. "I just had that vision of running my own
business. I always had that determination of trying to control my own
destiny."

 

But running Asda has been a challenge for the Issas, with Asda losing market
share in recent times, with the likes of Aldi and Lidl attracting more
customers, especially as household budgets have been squeezed.

 

The £4.9bn debt pile has also drawn scrutiny. Higher interest rates have
prompted fears over the company's ability to pay loans off, but Mr Issa
dismisses any questions that EG Group has bitten off more than it can chew,
arguing the debt is sustainable due to the majority of it being fixed. Asda
claims 90% of its debt is fixed.

 

He said Asda generated so much cash that "even if our interest payments were
to double Asda has more than sufficient headroom to service that".

 

"It is challenging. If you get up and if you're not challenged then I
suppose you shouldn't be doing your job," said Mr Issa.

 

"We're in a transition period where we're evolving, but also we're investing
significantly. Market share will fluctuate over a period of time.

 

"We feel we're doing the long term investment that will help us regain some
of that market."

 

Mohsin Issa with Asda employee

IMAGE SOURCE,ASDA

Launching the convenience stores and implementing a "best in class" IT
system have been the two goals for Mr Issa, who said he was now "getting to
a point" where he could step aside and appoint a chief executive to head up
the business.

 

The brothers have kept EG Group's base in their hometown and remain close to
their roots, building homes for themselves and their families, as well as
building a mosque and funding a hospital.

 

But while they made their money in petrol stations, the pair have bought
other big brands and attempted to purchase others.

 

They snapped up fast food chain Leon in 2021, but narrowly missed out on
buying the struggling convenience store chain McColl's, losing out to
Morrisons. There were also reports they had their eye on pharmacy chain
Boots and coffee shop chain Caffè Nero rejected a takeover bid.

 

But their empire building has not been without its controversial moments,
with questions raised about EG Group's governance and a fine for "appalling"
safety breaches at a former company.

 

When it comes to Asda, Mr Issa said he felt a "responsibility" to make sure
he was a "great custodian at the brand". He said there were no more business
deals on the cards "for now", but added "never say never".

 

"When you're fortunate enough to see the opportunities and have the ability
to execute them and be part of a plan and then move on to the next thing
then that's something that I will always look to do.

 

"That's the entrepreneur. That's in your DNA."-bbc

 

 

 

India economy beats expectations with 8.4% growth

India has retained its title of the world's fastest growing major economy as
it expanded by 8.4% in the last three months of 2023.

 

The data comes as the country is set to hold a general election this year.

 

Prime Minister Narendra Modi posted on the social media platform X, formerly
Twitter, that it shows "the strength of Indian economy and its potential".

 

India is forecast to overtake Japan and Germany as the world's third biggest
economy in the next few years.

 

The better-than-expected growth was led by a strong performance by the
country's manufacturers, with the sector expanding by 11.6% in the period.

 

Private consumption, which makes up almost two-thirds of the country's gross
domestic product (GDP), also rose by 3.5%.

 

People's spending power was affected last year due to high prices of staple
foods such as onions. That led to the government introducing a number of
measures to help curb food price inflation.

 

In recent years, Prime Minister Modi has raised government spending on
infrastructure and offered incentives to boost the manufacturing of phones,
electronics, drones and semiconductors to help India compete on the
international market.

 

On Thursday, the government gave the greenlight to the construction of three
semiconductor plants worth 1.26 trillion rupees ($15.2bn; £12bn) by firms
including Indian conglomerate Tata.

 

But the agricultural sector, which accounts for about 15% of the $3.7tn
(£2.93tn) economy, continued to struggle because of weak monsoon rains.

 

Some farmers have been protesting to demand minimum crop prices.

 

The International Monetary Fund (IMF) expects India's economy to expand by
6.5% in 2024, compared with 4.6% for China.

 

Beijing is under growing pressure to unveil stimulus measures to support the
world's second biggest economy which is facing a number of challenges
including a property market crisis, high youth unemployment and falling
prices, known as deflation.-bbc

 

 

 

 

 

 

 

-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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www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Art

AGM

virtual (escrow platform)

March 7. 2:30

 


 

2024 auction tobacco marketing season opens

 

13 march

 


 

Good Friday

 

march 29

 


 

Easter Monday

 

1 April

 


 

Independence Day

 

April 18

 


 

Workers day

 

1 May

 


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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