Major International Business Headlines Brief::: 06 March 2024

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Major International Business Headlines Brief:::  06 March 2024 

 


 

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Rwanda to Capitalize On the Naivasha Icd to Cut Cargo Transit Distance

ü  Uganda: Senseless Killings Impeding Country's Economic Growth

ü  Namibia: Angola, Namibia to Cooperate On Petroleum, Natural Gas

ü  South Sudan: Sudan's War Curbs South Sudan's Oil Exports, Triggering
Inflation

ü  South Africa Ranks Number 1 in Africa for Safety Systems in Aviation

ü  Nigeria Records $30bn Foreign Direct Investment in Nine Months - Tinubu

ü  Ethiopia: In Ethiopia, WFP's New Digital System Tracks and Delivers to
People Facing Severe Hunger

ü  Rwanda: Online Forex Trading Regulations in Rwanda - 10 Things to Know

ü  Ghana: Bank of Ghana Suspends Forex Trading Licences of GTBank, FBN Bank
Amid Regulatory Breaches

ü  Apple: iPhone China sales slide as Huawei soars, report says

ü  Bitcoin price briefly tops $69,000 for new all-time high

ü  Jeremy Hunt expected to announce 2p National Insurance cut

ü  Bipartisan US bill could force ByteDance to divest TikTok

ü  Facebook and Instagram restored after outages

 


 

 


Rwanda to Capitalize On the Naivasha Icd to Cut Cargo Transit Distance

Nairobi — The Rwanda Revenue Authority (RRA) has pledged to capitalize more
on the Naivasha inland container depot to reduce the transit distance for
their cargo.

 

In collaboration with the Kenya Ports Authority (KPA), they said this
strategic move would reduce the transit distance by 1200 kilometers.

 

"The Naivasha Inland Container Depot is a key facility that Rwanda aims to
leverage further, as it significantly reduces transit distance by 1200
kilometers," KPA stated on X.

 

KPA has further promised to engage more with the national government to
shutter non-tariff carriers in the northern corridors, which will enhance
transport efficiency in the area.

 

These moves were agreed upon when the RRA commissioner for customs, Felicien
Mwunvaneza, held discussions with KPA managing director William Ruto
yesterday in a meeting that aimed to propel service delivery for all
stakeholder groups.

 

KPA acknowledged Rwanda as one of the key stakeholders and pledged to
maintain and reinforce the relationship between the two countries by
improving cargo handling for the transit market for Rwandan customers.

 

"As one of our key stakeholders, we maintain engagements with the Rwanda
Revenue Authority (RRA) to improve support for the Rwandan customers in
handling cargo for the transit market," KPA stated.

 

- Capital FM.

 

 

 

Uganda: Senseless Killings Impeding Country's Economic Growth

For many years, gunmen have been turning up and shooting whoever they want
in Kampala and ride their motorcycles into the city's thin air.

 

We then sit down. on social media and debate. The type of gun used, who may
have sent them, how many they were and all stuff that are associated with
murders. A week or two, we return to our normal routines until another
shooting.

 

Sometimes, police and other security agencies arrest some people and send
them to court. Years later, there is no evidence to convict them, and are
let free. The shooting cycle continues like on Sunday when businessman and
Ndiga clan leader Daniel Bbosa was shot dead in Lungujja as he returned to
his home.

 

It was still during the day with the February sun not even about to set.
This time though it was different. Police says somebody who saw them
shooting Mzee Bbosa bravery knocked their boda boda as they sped away from
the crime scene, leading to the community lynching one of the suspects.
Police showed up moments before the second one was killed by an irate
community.

 

In a video circulating online, the community begged the police to hand over
one of the killers and they kill him as well. It showed the trust or lack of
it the people have in their police force. Unlike in all the senseless
murders that have become so common in Kampala, this time, the police can't
accuse an obscure force.

 

The positive identity of the killers should give them some useful clues and
help them answer some questions. Who sent them to kill? Why did they kill?
How many had they killed? Why are they so daring to kill in broad daylight
without any fear? Are the killers part of a gang or these were acting alone?

 

Whose gun did they use? Who supplies this gun with rounds of ammunition?
Does this give the country an opportunity to solve all the other murders?
Will the community's involvement to arrest and kill deter such other
murderers?

 

There, of course, will be more questions than answers and for the bereaved
families, their hearts will never heal regardless of what they may say in
public. But the arrest and lynching of the killers by the Lungujja community
could give us some hope. That the community will not just watch as people
are being murdered in broad daylight and most importantly that the police's
investigation into the murder is now well cut out.

 

If they can't use the identity of the killers to solve this murder, nothing
else will. As a country, we should know that one of the major impediments to
economic growth is insecurity. Unresolved murders create fear among citizens
where everyone lives on tenterhooks wondering whether they will ever see
their loved ones again.

 

Instead of working hard to solve the challenges that affect us, a worried
population resorts to activities that only ensure survival. They don't take
time to think long-term because they are not sure whether they will see
another day. They don't know if their children will live long enough to
enjoy the benefits. So, they concentrate on little things that don't create
significant impact.

 

We love to talk about foreign direct investment and exports nowadays. Nobody
will want to invest in a country where every few months prominent people are
killed in cold blood and the killers and their funders are never arrested
and brought to book. They know that gangs will descend on them, kill them
and they will be on the streets next day like nothing happened.

 

Instead of investing in such a country, they would rather invest in markets
where they are sure their investments and lives are guaranteed or there is
an effort to protect them. This is a simple thing that the current
government should know. Insecurity curtailed the country's development and
it is upon that background that they decided to go and fight. The same kind
of murders can't be happening nearly 40 years later.

 

Investments must be made in security to create a sense of invincibility
where every criminal including those embedded in the country's security
network know that the chances of being arrested and successfully prosecuted
are high. If they know that they can be sent to remand for a few months and
then released for lack of evidence, they will continue to kill with reckless
abandon.

 

If they know that they can bribe the police and judicial system, murders
will happen as they do today. If there is any positive in Lwomwa (Ndiga clan
leader) Daniel Bbosa's murder, it is that his killers didn't this time just
disappear in the small paths of Lungujja.

 

The community were brave enough to apprehend them. It is the same bravery
now the police and other security agencies must exhibit and get our country
back on track.

 

djjuuko at gmail.com

 

The writer is a communication and visibility consultant

 

- Observer.

 

 

 

 

Namibia: Angola, Namibia to Cooperate On Petroleum, Natural Gas

President Nangolo Mbumba expressed Namibia's willingness to take notes from
Angola's oil and gas sectors while touring oil and manufacturing companies
during his one-day visit to Angola on Monday.

 

Mbumba and his counterpart, president João Lourenço, agreed to have a
bi-national commission to improve collaboration on oil and gas and energy,
among others things.

 

"The two presidents underlined the need to strengthen cooperation in the
areas of oil and gas, energy, agriculture and water. The president
underscored that Namibia had a lot to learn from Angola in the oil and gas
sectors.

 

"In that vein, president Mbumba and president Lourenço agreed to convene the
Namibia-Angola Bi-national-Commission in the coming months in order to scale
up mutually beneficial cooperation between Namibia and Angola," reads a
statement issued by the Namibian Presidency yesterday.

 

Mbumba wants Sonangol Integrated Logistics Services (Sonils) to do business
with Namibia.

 

Sonils provides logistical support and related services to the oil, gas and
energy sectors.

 

"Prior to departure to Namibia, and in order to give effect to the agreement
on cooperation in petroleum and natural gas, president Mbumba was taken on a
tour of Sonils.

 

President Mbumba encouraged the leadership of Sonils to work with their
Namibian partners on the basis of a solid and transparent partnership for
the benefit of both countries," notes the statement.

 

According to The Brief, the Namibian Ports Authority has entered into a
tripartite agreement with Angola's Sonangol and the National Petroleum
Corporation of Namibia to establish an integrated logistics base in Namibia
to support the country's emerging oil and gas industry.

 

The three parties, through the agreement, will see Namibia and Angola,
through Sonils - a subsidiary of Sonangol - realise positive bearings from
Namibia's oil and gas industry.

 

The logistics base to be built will be similar to that of Sonils in Luanda,
although no timeline has been set.

 

Moreover, the Karam Group told Mbumba of their plans to set up shop in
Namibia.

 

"The company expressed interest in investing in Namibia, setting up similar
operations to the amount of N$1 billion, with potential 350 employment
opportunities for Namibians. The management team of the company informed the
president that they had secured land in Windhoek and were hoping to reach a
stage where they would commence operations in the near future," noted the
statement.

 

Mbumba and Lourenço also agreed to inaugurate the Cassinga Memorial in the
coming months.

 

Mbumba said it is a long-standing tradition for Namibian presidents to visit
Angola as their first working visit outside the country. Mbumba left
Windhoek on Monday and returned on Tuesday.

 

- Namibian.

 

 

 

 

South Sudan: Sudan's War Curbs South Sudan's Oil Exports, Triggering
Inflation

Augustine Swaka, a 44-year-old mechanic is one of the oldest residents of
Munuki, a suburb of Juba that is inhabited by both the city's emerging
middle class and poor alike. At about 10 am, his nine-year-old son, Davido,
walked quietly and hid behind a white ram-shackled land cruiser pick-up,
before starting a loud irritating cry that alerted everyone in their home
cum motor repair garage compound.

 

"Davido. Davido...," the father shouts. He responded by reducing the volume
of his cry. "Why are you crying?" the father inquires. "Look at what Mama
has given me for breakfast today. I want a sandwich. I don't want this. It's
not nice," he attempts to pass the local pancakes the mother gave him to the
father. "But ... "Foul Masri" (a type of beans commonly enjoyed with baked
bread) is now very expensive," the mother tries to explain. She told the
husband that the price of Foul Masri has now increased nearly fourfold since
last year and walks towards her son, Davido, perhaps to console him.

 

But it is not only Davido who is crying, South Sudanese from all walks of
life are feeling the high cost of living in the country. The government
yesterday in a press conference blamed its economic burden on the conflict
in Sudan, and the ongoing blockade of the Red Sea route by Yemen's Houthi
rebels.

 

Oil flow failures

 

Insecurity in neighbouring Sudan and the flooding of the oil wells has made
it challenging for South Sudan to pump much-needed crude oil to reach export
markets, Central Bank Governor Dr James Alic Garang said in a press
conference earlier this month. According to the trade research publication,
S&P Global Insights, oil exports out of Sudan's Bashayer port terminal hit
an 11-month low of 79,000 barrels per day last month.

 

South Sudan relies on Sudan's pipelines and refineries, as well as ports on
the Red Sea, to export its 150,000 barrels of oil per day, Bloomberg
reported. With 90% of South Sudan's government operating budget relying on
oil, the oil ministry's undersecretary, Mayen Wol Jong, said late last year
that he is worried the conflict will curtail production.

 

The Dar Oil Company, one of the main oil producers in South Sudan, failed to
load South Sudan's crude oil in February due to a rupture in an oil pipeline
in Khartoum, according to news reports. At least one cargo load of 600,000
barrels of oil due to be loaded on 22 and 23 February was cancelled.

 

The repeated oil flow shutdowns are causing a "gelling process" whereby the
stagnant crude oil turns into a gel-like composition, explained South
Sudan's Information Minister Michael Makuei in a press conference late last
month. "Now the pipelines taking our crude to Port Sudan have experienced
the gelling process ... making it difficult for the crude oil to reach
export markets," Makuei said in a state television interview. "Even if the
crude were to reach port Sudan, it would not be possible to ship it for sale
due to the threat of blocking shipping in the Red Sea," he added, referring
to the Houthi rebels from Yemen who have targeted ships in the Red Sea since
the start of the conflict in Gaza.

 

Augustino Ting Mayai, Head of Research at the Juba-based think-tank Sudd
Institute, and the Chair of South Sudan's Bureau of Statistics had warned of
the impact of any form of blockade on South Sudan's oil exports. "A complete
blockade would be problematic," Mayai told Ayin. "We would likely see a
repeat of 2012 when South Sudan shut its oil production leading to an
overall non-salary spending cut of approximately 50%, an increase in the
collection of non-oil revenue through taxation, food insecurity, and a lack
of available hard currency that led to the freeze of most government
projects," he said.

 

Inflation

 

The curb in oil production and restricted trade with South Sudan's northern
neighbour has led to a spike in prices. In the capital Juba, prices of basic
commodities and public services such as transport have increased
unexpectedly in the past few weeks, residents said, as the South Sudanese
Pound (SSP) has lost value vis-à-vis the dollar, falling from 1,260 SSP for
a dollar to 1,550 SSP.

 

A litre of petrol is going for 1,700 SSP from 1,350 SSP in most petrol
stations, a change public transport operators passed to the passengers, the
same sources said. Passengers appeared bewildered as they discovered they
must pay an additional 200 SSP to make the trip from Gudele to Juba Town
after jumping on the 14-seater minibuses. "At this rate, I am going to have
to walk in the mornings despite the distance and heat," said resident
Stephen Lokang.

 

There was more drama outside Juba Teaching Hospital as a woman in her early
forties is seen asking for mercy from a local juice vendor who increased the
cost of a full big glass to 1,200 SSP from 800SSP, an increase that is
unknown to the heat-exhausted middle-aged woman.

 

Dr. Alic assured the Bank's commitment to fix the current exchange rates
saying the Bank is strengthening its monetary policy framework and
mobilizing foreign exchange to stabilize the market.

 

According to Dr Alic, the bank will also "adhere to broad money targets
while monitoring and anchoring inflation expectations, continue to maintain
a fair and an orderly market environment." In an acknowledgement of the
criticisms and the challenges that lie ahead, Dr Alic calls for the support
of all stakeholders and development partners in fostering a resilient and
competitive foreign exchange market for sustainable economic development.

 

- Ayin English.

 

 

 

 

South Africa Ranks Number 1 in Africa for Safety Systems in Aviation

The International Civil Aviation Organisation (ICAO) has rated South
Africa's safety oversight system at 91.11% thereby placing it at number one
in Africa and number 18 in the world, alongside Norway.

 

Addressing a media briefing on the state of the aviation sector on Tuesday,
Minister of Transport Sindisiwe Chikunga said the ICAO also did not raise
any significant safety and security concerns in both the safety and security
audits, which happened within eight months of each other.

 

In the past two to three years, South Africa has participated in four key
international safety and security audits and assessments by the
International Civil Aviation Organization (ICAO), and the United States
safety and security regulators namely, the Federal Aviation Administration
(FAA) as well as the Transportation Security Administration (TSA).

 

"I am elated to announce that South Africa performed very well in all these
audits and assessments. The US-Federal Aviation Administration (FAA)
recognised South Africa's safety oversight system as meeting ICAO's safety
standards and recommended practices and therefore confirmed that South
Africa retains its Category 1 status with the standards of the United States
International Oversight Safety Audit (IOSA) Programme.

 

"The Transport Security Administration granted South Africa's cargo security
system permanent recognition following an assessment of the South African
Civil Aviation Authority (SACAA). South Africa still holds the European
Union (EU) recognition for the States cargo security system," Chikunga said
in Pretoria.

 

The Minister said these outcomes do not only validate the quality of South
Africa's global aviation footprint, but it also confirms that South Africa's
systems are competing favourably with the best in the world of aviation.

 

"South Africa is proud of the continued 0% fatal accident rate held in the
commercial airlines sector for nearly four decades. Our target is to
maintain this record for decades to come. One of the current
administration's strategic targets is to reduce accidents in the general
aviation sector by 50%.

 

"At the end of the previous 2022/23 financial year, the number of accidents
had decreased from 147 to 113 accidents, which translated into a 23%
decrease from the 2021/22 period. The fatal accidents decreased from 12 to 9
fatal accidents, translating into a 25% decrease with the number of
fatalities decreasing by 29.4%," the Minister said.

 

During the 2021/22 period at the height of COVID-19, South Africa recorded a
spike in accidents in a non-scheduled private flying space. This has been
attributed to pilots being "out of practice" caused by a lack of refresher
training during the hard lock down periods of the pandemic.

 

"As we head towards closing off this 2023/24 financial year, we have
recorded 97 accidents to date. While we are projecting these numbers to
marginally be lower than the previous reporting period, the number of fatal
accidents has increased to 13, which is four more than data from the 2022/23
financial year.

 

"To curb these accidents which happen in a non-scheduled private flying
space, the SACAA has developed and implemented a General Aviation Safety
Strategy in consultation with the industry where we are employing reputable
safety strategies to attain a reduction in both categories - accidents and
fatalities," she said.

 

SACAA has been on an automation journey migrating their internal business
processes to ensure a paperless entity.

 

In the last year, the regulator has launched an eServices portal where
operators can submit their certificate renewal applications online and also
pay online.

 

"In August 2022, the South African National Blood Services was licensed to
deliver blood and essential medical samples, using drones in what became a
ground-breaking achievement for the country. The value of this initiative is
understated, more so when we consider that 32% of South Africans live in
rural, and in most cases, hard-to-reach destinations.

 

"Blood delivery to local clinics that may not be accessible by road
transport is now possible and has now been made easier and much faster to
access. This is an innovative step in the history of blood transportation.
Every second you gain in saving a life is critical," the Minister said.

 

International Air Service Licensing

 

As of 1 February 2024, the regulator is administering the domestic and
international air service licensing councils.

 

"This means that all administrative support will include developing
effective systems that will enable the smooth processing of air service
license applications and Foreign Operator Permits (FOPs) and includes the
issuance and storage of related information thereof.

 

"The Department of Transport will still be responsible for the budget
allocation to the respective Councils for each financial year, and such
allocation shall be used towards the activities and functions of the
Councils," the Minister said.

 

Since this decision took effect from 1 February 2024, SACAA launched an
automated system, which is done in a phased approach.

 

"The first phase, which commenced from 01 February, saw the processing of
foreign operators permits through a newly developed system. The next phase,
which is currently in progress, is to automate the submission and processing
of domestic and international air service licences. In the interim, the
SACAA has given clarity to the industry in how the applications for air
service licence will be processed until automation is implemented," Chikunga
said.

 

- SAnews.gov.za.

 

 

 

 

Nigeria Records $30bn Foreign Direct Investment in Nine Months - Tinubu

Mr Tinubu says Nigeria has attracted unprecedented opportunities to reset
the course and build a new and sustainable economy away from the
rent-seeking and the waste that was once the order of the day.

 

President Bola Tinubu says his nine month-old administration has attracted
$30 billion Direct Foreign Investment commitments to shore up the Nigerian
economy.

 

Mr Tinubu said this at the 2023 Leadership Annual Conference and Award on
Tuesday in Abuja.

 

The event, with the theme, "An Economy in Distress: The Way Forward," was
organised by the Leadership Group, publishers of Leadership Newspapers.

 

Mr Tinubu, represented by Minister of Information and National Orientation,
Mohammed Idris, said the Nigerian economy is not in distress, but facing
challenging times.

 

He explained that the in spite of the challenging situation, the country has
attracted unprecedented opportunities to reset the course and build a new
and sustainable economy away from the rent-seeking and the waste that was
once the order of the day.

 

"Since we assumed office in May 2023, we have attracted $30 billion in
Foreign Direct Investment (FDI) commitments into the real sectors of the
economy, including manufacturing, telecoms, healthcare, oil and gas, and
others.

 

"Those investments have already started coming into the country. Just a few
days ago, I was in Qatar on an official visit, where the Emir assured that a
senior government delegation would visit Nigeria after Ramadan.

 

"I have asked the Minister of Finance and Coordinating Minister of the
Economy to directly interface with the Qatari authorities to ensure that
speedy progress is made.

 

"The Nigerian economy saw a better than anticipated performance in the last
quarter of 2023, growing by 3.46 per cent, compared with 2.54 per cent in
the preceding quarter.

 

"Capital Importation into Nigeria was up by 66 per cent in Q4 2023,
reversing a 36 per cent decline in the previous quarter.

 

"In January 2024, the Nigerian Stock Exchange All Share Index (ASI) crossed
the 100,000 points mark, its highest ever.

 

"There is no one who looks at this data who will conclude that 'distressed'
is the accurate way to describe the Nigerian economy," Mr Tinubu said.

 

He emphasised that these were the outcomes of ongoing reforms.

 

'Be patient'

 

Mr Tinubu, however, said the government was aware of the hardships due to
the reform, but assured that a lot of efforts and energy were being made
towards alleviating the pains and setting the economy on firm footing.

 

"There are incredible opportunities for investment in every sector of the
economy, as the Federal Government stabilise our foreign exchange market and
macroeconomic indices.

 

"I ask for the continuing patience and support of all Nigerians, including
the elite that is very well represented in this room today."

 

'Media should report solutions'

 

The President also sought for understanding of the media as government
continues the reform of the economy.

 

"To the Nigerian media, I urge you to strive to report not only the
challenges but also the solutions and the opportunities as well.

 

"Ours is a story of a country that is taking the right steps, and feeling
the fleeting pains that will come with this course of action. A glorious
dawn is indeed assured.

 

CBN: How not to manage an economy in distress, By Uddin Ifeanyi

 

"Since the removal of petrol subsidies, our imports of petrol have dropped
by about 50 percent, which translates to roughly one billion liters of
petrol every month, according to the National Bureau of Statistics," Mr
Tinubu said.

 

Revenues rise, new minimum wage, N200bn business support funds coming

 

The president added that the revenues accruing to the three tiers of
government - federal, state and local - had grown by between 50 per cent and
100 per cent since the removal of the petrol subsidy.

 

"This means more funds are available to directly impact the lives of
Nigerians through investments in critical infrastructure, social security,
and other areas.

 

"For example, the additional funding we are receiving is going into a new
minimum wage for which negotiations have started, between the federal and
state governments and organized labour.

 

"I have approved the disbursement of N200 billion, through three new special
intervention funds established to support Nigerian businesses.

 

"The first is a N50 billion Presidential Conditional Grant Scheme that will
provide business grants and loans to traders, food vendors, transport
workers, ICT businesses, creatives, and artisans.

 

"Verification of all submitted applications is ongoing, and disbursements
will commence through the Bank of Industry as soon as this verification is
completed.

 

"The second is a N75 billion MSME Intervention Fund which will provide
single-digit-interest loans to our MSMEs.

 

"The third is a 75 billion Manufacturing Sector Fund targeting manufacturing
businesses, with selected beneficiaries eligible to access up to one billion
naira each," Mr Tinubu said.

 

The News Agency of Nigeria (NAN) reports that awards were presented to
several politicians, companies, technocrats and experts during the annual
event. (NAN)

 

- Premium Times.

 

 

 

 

Ethiopia: In Ethiopia, WFP's New Digital System Tracks and Delivers to
People Facing Severe Hunger

Cutting-edge tech is helping World Food Programme operations - as costs push
them into the red

 

Zenebech Kahsay is relieved to watch her children play once again, their
energy renewed at last by bread she's baked after receiving a 15kg bag of
wheat from the World Food Programme (WFP) at a food distribution in Tahtay
Adyabo, in Ethiopia's northern province of Tigray.

 

"My children were dizzy with hunger," explains Kahsay as she grinds dark
brown grains of wheat with a pestle and mortar. "Life was so difficult, we
had one meal a day - most of the time it was a cup of porridge which we
shared."

 

Kahsay speaks of life during WFP's pause in food assistance, which stretched
through half of 2023. Families were hit particularly hard. She was
recovering from a two-year conflict amid drought, sickness and
ever-increasing food prices.

 

Targeting the hungriest

 

Following reports of food being diverted at the beginning of last year, WFP
teams across Ethiopia focused on reforming the humanitarian food assistance
delivery system.

 

During the pause in food assistance, WFP developed more robust delivery
mechanisms for its operations, a significant step in assuring the delivery
of critical food assistance to the hungriest populations affected by
drought, flooding, and conflict.

 

Kahsay was one of the first to receive food assistance from WFP last August,
when WFP put its new delivery system to the test. "So far it's good," she
says. "I can see that everyone here is the most in need of food support.
People who are not included have also the chance to appeal."

 

Sleeping on empty stomachs

 

Mulu Mehari, a grandfather, attests to the efficiency of WFP's new
distribution system: "It is so much smoother than before. With my own
individual token I know the food is going to me and only me," he says. "We
were sleeping on empty stomachs, even drinking water was not easy to find.
Now we see food coming - this is like a blink of light in the darkness."

 

Since resuming food distributions in early December, WFP has delivered food
to 1.2 million people in Tigray, Afar, Amhara and Somali regions. We are
scaling up to provide critical food assistance to 3 million Ethiopians in
coming weeks, almost 2 million of whom are in Tigray.

 

Half of the people WFP will deliver food to in Tigray fall under the
shock-responsive component of the Government's national safety-net
programme.

 

But the needs are immense. Although, compared to this time last year, hunger
levels have eased slightly (20.4 million in February 2023 compared to 15.8
million in February 2024, according to the Government of Ethiopia's most
recent assessment), there are pockets of the country where people are in
real danger of slipping into a humanitarian catastrophe.

 

This includes over 4 million people who are internally displaced and 7.2
million facing high levels of acute food insecurity and needing emergency
assistance. Resources permitting, WFP aims to provide food assistance to 40
percent of those 7.2 million while the Government and other partners will be
supporting everyone else.

 

Over half of those needing food assistance are in Amhara and Tigray regions
(51 percent). The need for food assistance remains high as climate change,
conflict and economic shocks all continue to slow the recovery of
livelihoods.

 

Meanwhile, crossing south over the Simien mountains into Amhara, usually
productive areas of the region are also suffering from severe drought.

 

Tadel Gebeyehu and her family are returnees to Amhara after the war in
Tigray. They still don't have the means to put sufficient food on the table
for the whole family. Gebeyehu has finally been able to collect food on
behalf of her family of six, at the first WFP distribution in six months in
Beyeda.

 

There are new food collection procedures - including scanning a unique code
on each person's ration card to verify them in the list, with food now being
measured and scooped into containers brought by the families. Gebeyehu was
relieved to take the food home to her children.

 

Feeling safe

 

"Life is quite challenging," she says. "We are unable to establish a
business or farm since there is no rain. We would have been able to work and
support our families if the country had been at peace, but that is not the
case right now. Thanks to the food aid we are receiving, we can finally
eat."

 

"The new distribution system I went through made me feel safe," she adds.
What's more, the use of digital ration cards has "prevented poorer people
from being abused or left out."

 

The new targeting approach in Ethiopia is community-led, designed and
monitored by WFP, implemented by non-governmental cooperating partners and
facilitated by the local government.

 

Inclusion and exclusion

 

The community uses clear inclusion and exclusion criteria to identify and
verify those in greatest need. People are then digitally registered, with
NGO partners recording their biographical data - so that they can easily be
identified for food assistance.

 

After the initial list is drawn up and publicly displayed, the community
members can appeal if they feel someone has been wrongly included or
excluded. An appeals committee is present at every targeting and
registration site to handle such cases.

 

Ageche Mulat sits on it. "We have been waiting for this... a committee
dedicated to the careful selection of community members based on their
genuine needs is a significant step," says Mulat. "The exclusion process we
undertook is crucial. We invested a lot of time and effort in discerning who
should be excluded and who should be included."

 

Selam Ambachew is a representative who sits on the targeting committee in
Debark town. She was nominated by the community and her specific role is to
look into the standard of living of everyone on the register. "The criteria
that are being used are excellent," she says.

 

"The process includes everyone in the community. The majority of people who
live in this area are internally displaced... some come from Sudan, and some
from neighbouring places."

 

For now, communities such as Kahsay's and Gebeyehu's are safe in the
knowledge that food is reaching the most vulnerable among them. But the
running costs of WFP's new system have pushed our Ethiopia operation into
the red.

 

As the lean season looms closer and hunger levels increase, WFP urgently
needs US$142 million to keep reaching and delivering assistance to the most
vulnerable people in Ethiopia until June, and respond to the drought at
scale.

 

If WFP and other food operators in the country do not get food assistance
immediately to those who need it most, Gebeyehu, her children and many more
facing the most extreme levels of hunger will slip further into danger. "We
would not be alive today if we had not received this food help," says
Gebeyehu.

 

DONATE to help WFP save lives and change lives in Ethiopia

 

- WFP.

 

 

 

 

Rwanda: Online Forex Trading Regulations in Rwanda - 10 Things to Know

The Capital Market Authority of Rwanda (CMA Rwanda) announced, through a
public notice dated March 1, new Regulations for Leveraged Foreign Exchange
Trading in Rwanda, which it said are intended to ensure market transparency
and investor protection in the business. The regulations of February 26,
2024, were published in the Official Gazette on February 27.

 

Leveraged foreign exchange trading--commonly known as online forex
trading--means a capital market business that is Over-The-Counter (OTC) and
internet-based that enables traders to trade on price movement of currency
pairs, that is, the rising or falling prices of foreign exchange.

 

This includes trading in contract for differences (CFDs), where traders need
to deposit a small percentage of the full value of the trade to open a
position, allowing to magnify returns as well as losses, as they are based
on the full value of the position.

 

Investopedia gives an instance where an investor might buy the euro versus
the U.S. dollar (EUR/USD), with the hope that the exchange rate will rise.
The trader would buy the EUR/USD at a given ask price. Assuming the rate
moved favourably, the trader would unwind the position a few hours later by
selling the same amount of EUR/USD back to the broker using the bid price.
The difference between the buy and sell exchange rates would represent the
gain (or loss) on the trade.

 

Investors use leverage to enhance the profit from forex trading. The forex
market offers one of the highest amounts of leverage available to investors.

 

ALSO READ: Rwanda moves to regulate online forex trading

 

Here are 10 provisions in the regulations you need to know:

 

1. Scope of application

 

These regulations apply to all players carrying out leveraged foreign
exchange trading business in Rwanda, with foreign exchange as the underlying
asset and any other category of contract for difference, subject to the
Authority's approval - the Authority being the Capital Market Authority of
Rwanda.

 

2. Key terms used in the business

 

Leverage

 

Under the regulations, leverage is defined as a loan provided to investors,
which is expressed in the form of a ratio based on a small deposit called
margin, so that they can gain a larger exposure to the foreign exchange
market--which could lead to bigger profits or losses, as they are based on
the full value of the position and not just the initial margin.

 

Position

 

A position means a market commitment or exposure or total amount of currency
held by a trader on the leveraged foreign exchange market, according to the
regulations.

 

Contract for differences

 

Contract for differences (CFD) means a derivative product that enables
traders to trade on the short-time price movement of underlying assets, such
as foreign exchange, commodities, shares, indices, and exchange-traded
funds, among others; it is an agreement to exchange the difference in the
value of an asset from the time the contract is opened until the time it is
closed.

 

Cornering activity

 

In relation to foreign exchange, this refers to the use of currency held in
significant amounts to be able to manipulate its price.

 

Initial margin

 

It is the minimum amount required to be deposited by a client with a
leveraged foreign exchange broker for each contract opened.

 

Margin stop-out protection

 

This means protection that ensures the closure of all open positions in
leveraged foreign exchange trading if the client's account balance decreases
to a certain percentage.

 

Negative balance protection - No Negative Balance

 

It means the protection of traders from losing more money than they deposit
into their trading account, which ensures that a trader with a losing
position does not end up with a negative balance in his or her leveraged
foreign exchange trading account.

 

Money Manager

 

It is an entity licensed by the Authority to engage in the business of
managing and trading in leveraged foreign exchange on behalf of clients in
return for a fee based on the profit made from the trading.

 

Slippage, and negative slippage

 

Slippage means the difference between the client order price or expected
price of a trade, and the execution price or a price at which the trade is
executed, while "negative slippage" means unfavourable price difference.

 

3. Eligibility criteria for obtaining a license

 

An applicant for a licence provided for by these regulations is eligible if
it is a company incorporated in Rwanda and limited by shares; has a Chief
Executive Officer and other key personnel who meet conditions including
being fit and proper per the capital market licensing regulation
requirements; having experience of not less than five years in the business
of buying, selling, managing, or dealing in leveraged foreign exchange and
derivative product contracts; and being members of relevant professional
bodies in areas of financial markets.

 

The applicant must also have the necessary resources and controls including
staff, office space, equipment, information technology systems, business
continuity and disaster recovery plan, risk management policies, and
operational procedures, to effectively discharge its activities.

 

It must also have in banks licensed to operate in Rwanda, a minimum paid-up
capital which may not be impaired, of Rwf500 million in case of a dealing
leveraged foreign exchange broker; Rwf300 million in case of a non-dealing
leveraged foreign exchange broker; or Rwf100 million in case of a money
manager.

 

Still, it undertakes to maintain at all times in banks licensed to operate
in Rwanda, a liquid capital of Rwf300 million or 30 per cent of total
liabilities, whichever is higher, in the case of a dealing leveraged foreign
exchange broker or non-dealing foreign exchange broker; or Rwf50 million or
30 per cent of total liabilities whichever is higher in the case of a money
manager.

 

ALSO READ: How new law on forex trading affects transactions in foreign
currencies

 

4. Activities to be carried out by a leveraged foreign exchange broker and
money manager

 

A dealing leveraged foreign exchange broker or non-dealing leveraged
exchange broker may carry out activities including opening clients'
accounts; accepting deposits and withdrawals; providing access to the
trading platform; providing access to market information that the clients
may utilise in formulating their strategies; monitoring and control traders'
positions; (managing accounts; and to provide end-of-day reports).

 

A dealing leveraged foreign exchange broker can also trade as a principal
trader and market maker.

 

In the case of a money manager, he/she can carry out activities including
trading on behalf of clients; and while they are not eligible to receive
clients' money, they may work with leveraged foreign exchange brokers to
onboard clients and record their orders; to have trading rights and access
to funds deposited directly by a client into the client's segregated account
through the dealing leveraged foreign exchange broker or non-dealing
leveraged foreign exchange broker.

 

5. Suspension, revocation of a license

 

The Authority, after allowing a licensee to be heard, may by written order,
suspend the license of a dealing leveraged foreign exchange broker,
non-dealing leveraged foreign exchange broker, or money manager for a period
as the Authority may specify in the order. The Authority may take
administrative action if it discovers that the entity has engaged in price
manipulation, insider trading, or other unlawful activities in leveraged
foreign exchange transactions. This action may also be taken if the entity's
financial position has deteriorated to the point where it is no longer in
the interest of investors for the entity to continue operating, or if the
entity has conducted its activities in a way that is harmful to the public
interest.

 

When such malpractices persist, or the licensee has been found guilty of
fraud or convicted of a criminal offence; the Authority may by written
order, revoke the license, to protect investors.

 

6. Obligation to clear liabilities about the suspension or revocation of a
license

 

Despite a suspension or revocation of a license under these regulations, a
dealing leveraged foreign exchange broker, non-dealing leveraged foreign
exchange broker, or money manager is responsible for clearing all
outstanding obligations up to the date of the revocation or suspension of
the license.

 

7. Client agreement, and risk disclosure statement

 

A leveraged foreign exchange broker or money manager enters into a written
agreement with each client before the commencement of the business
relationship.

 

The client agreement draws his/her attention to the potential risks and they
must be expressed in a risk disclosure statement.

 

It should be received, acknowledged, signed, and dated by the client,
thereby confirming that he/she has received and understood it, including the
nature and the contents of the risk disclosure statement.

 

A dealing leveraged foreign exchange broker, non-dealing leveraged foreign
exchange broker, or money manager provides clients with adequate information
so that clients can understand the features and operations of the products
and services offered to them as well as risks involved in such business to
make balanced and informed investment decisions.

 

8. Proper handling of clients' orders

 

A dealing leveraged foreign exchange broker, a non-dealing foreign exchange
broker, or a money manager observes a high standard of integrity and acts
honestly, fairly, with due skill, care, and diligence, and in the best
interest of the clients' orders.

 

In this context, he or she executes clients' orders on the best available
terms and avoids any dishonest and unfair execution practices, such as
asymmetrical treatment of positive and negative slippage which allows them
to retain profits arising from positive slippage. Passing losses from
negative slippage on the client ensures that electronic trading platforms
are designed in a way that any slippage is based on real market situations,
and settings of slippage parameters designed to execute orders are applied
uniformly regardless of the way the market has moved.

 

9. Leverage ratio that was set

 

The maximum leverage ratio is 100:1 in leveraged foreign exchange trading. A
client is required to deposit an initial margin of at least 1 per cent of
the total value of the opening position. A dealing leveraged foreign
exchange broker or a non-dealing leveraged foreign exchange broker that
wishes to offer lower leverage ratios is not precluded from doing so.

 

The broker may, at his or her discretion, set appropriate maintenance margin
levels, provided that the principle of negative balance protection is
observed at all times.

 

The Authority may revise the leverage ratio from time to time as may be
necessary to stabilise the volatility in global and local currencies or for
investor protection.

 

10. Payment to clients

 

A dealing leveraged foreign exchange broker or a non-dealing leveraged
foreign exchange broker ensures that any instructions given by a client
relating to payment are executed within two working days.

 

- New Times.

 

 

 

 

Ghana: Bank of Ghana Suspends Forex Trading Licences of GTBank, FBN Bank
Amid Regulatory Breaches

The Bank of Ghana has issued a temporary suspension of the Foreign Exchange
Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank
Ghana Limited (FBN) starting from March 18, 2024, for a duration of one
month.

 

The Bank of Ghana in a statement on its official website noted that this
proactive measure is prompted by multiple violations of foreign exchange
market regulations, notably involving instances of fraudulent documentation
in their foreign exchange activities.

 

The bank also noted that the restoration of the licence will occur upon the
completion of the one-month suspension, contingent on the Bank of Ghana's
confirmation that robust controls had been implemented to guarantee rigorous
compliance with foreign exchange market regulations.

 

Ghana's apex bank harped on the importance of foreign exchange market
participants to rigorously adhere to the relevant forex market regulations
and guidelines.

 

Also, both banks have stated that they are currently working with the
relevant government agencies and customers to resolving these trade-related
issues timely.

 

Thr statement by the Bank of Ghana reads: "Bank of Ghana has suspended the
Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB)
and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of
one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act
2006, (Act 723)."

 

"This is as a result of various breaches of the foreign exchange market
regulations, including fraudulent documentation in their foreign exchange
operations which have come to the attention of Bank of Ghana."

 

"The licence will be restored at the end of the one-month suspension period
once the Bank of Ghana is satisfied that they have put in place effective
controls to ensure strict adherence to the foreign exchange market
regulations.By this statement, we caution foreign exchange market players to
adhere strictly to the applicable forex market regulations and guidelines."

 

Section 11 (2) of the Foreign Exchange Act 2006, (Act 723 states: "The Bank
may, suspend a licence for a specific period or determine conditions or
restrictions for the licence instead of revoking the licence."

 

FBNBank Ghana in a statement noted that they were working with the Bank of
Ghana to identify and address issues that led to the suspension of its forex
trading licence by the apex bank.

 

The bank states: "We refer to the Bank of Ghana's announcement of the 30-day
suspension of our Foreign Exchange Trading Licence effective March 18, 2024.

 

"We would like to advise our valued customers and esteemed stakeholders that
we are working with the Bank of Ghana to remediate the identified
trade-related matters.

 

"FBNBank would like to assure its valued customers that when the suspension
kicks in, the Bank's other business segments and solutions will be fully
operational. This will include branch operations, agent banking partners and
channels for seamless banking.

 

"We reaffirm our commitment to our customers and stakeholders to the
provision of the full range of excellent banking services, with the
assurances that we will continue to uphold the high ethical standards that
we are known for."

 

On its part, Guaranty Trust Bank Ghana acknowledged the suspension of its
Foreign Exchange Trading Licence by the Central Bank of Ghana until April
18, 2024, and assured customers and stakeholders of efforts to address
trade-related issues promptly, emphasising that customer deposits and other
business segments remain unaffected, with all services available through
regular channels and online platforms.

 

The bank affirmed its commitment to regulatory compliance, Anti-Money
Laundering policies, and ongoing discussions with the Central Bank of Ghana
to resolve matters promptly.

 

They stated: "We refer to the Central Bank of Ghana's press statement in
which it announced the suspension of Guaranty Trust Bank Ghana's Foreign
Exchange Trading License effective from the 18th of March 2024 until 18th of
April 2024 (1 month period) and received official notice of same."

 

"We would like to assure all our esteemed customers and stakeholders that we
are currently working with the relevant Government Agencies and customers
with a view to resolving these trade-related issues timely."

 

"Our customers and stakeholders are our primary responsibility and, Guaranty
Trust Bank Ghana would like to clarify that this development does not affect
customers' own deposits and other business segments of our operations. All
other products and services ;-Main branches, Agency Banking outlets are
available for your convenient use at our regular opening hours and our
Mobile Apps and Internet banking are available for your use at any time of
the day."

 

"We further assure our customers that the issue was not a function of
willful non-compliance by the Bank, as the Bank has a culture that
endeavours to comply with regulations at all times and stringent Anti-Money
Laundering CFT policies which are applied across all our operations.

 

"We are also in ongoing consultations and discussions with the Central Bank
of Ghana to fully resolve all matters raised in the shortest possible time.
Guaranty Trust Bank Ghana remains committed to being a constructive
participant in Ghana's financial markets and to contributing to its further
developments in the interest of all its customers and stakeholders."

 

- This Day.

 

 

 

 

Apple: iPhone China sales slide as Huawei soars, report says

Sales in China of Apple's iPhone fell by 24% in the first six weeks of 2024
compared to a year earlier, according to research firm Counterpoint.

 

It comes as the US technology giant is facing fierce competition in the
country from local rivals.

 

During the same period China's Huawei saw its sales jump by 64% in its home
market, the report says.

 

Apple and Huawei did not immediately respond to requests for comment from
the BBC.

 

Aside from a resurgence of Huawei sales at the more expensive end of the
Chinese phone market, Apple was also "squeezed in the middle on aggressive
pricing from the likes of Oppo, Vivo and Xiaomi," Counterpoint Research's
Mengmeng Zhang wrote.

 

China, which is one of Apple's biggest markets, also saw overall smartphone
sales shrink by 7% in the same period, the report said.

 

Huawei struggled for years due to US sanctions but its sales surged after
releasing its Mate 60 series of 5G smartphones in August.

 

It came as a major surprise as the Chinese firm was cut off from key chips
and technology required for 5G mobile internet.

 

Honor, which is the smartphone brand spun off from Huawei in 2020, was the
only other top-five brand to see sales increase in China during the period,
according to the report.

 

Sales of Vivo, Xiaomi and Oppo also fell in the first six weeks of the year,
Counterpoint said.

 

Its report also said Apple's share of the Chinese smartphone market dropped
to 15.7% from 19% last year, putting it in fourth place as it fell from the
number two spot.

 

Meanwhile, Huawei rose to second place as its market share grew to 16.5%
from 9.4% a year earlier.

 

Despite its sales falling by 15% over the last year, Vivo remained China's
top-selling smartphone maker, Counterpoint said.

 

Apple started offering discounts on its official sites in China last month
before subsidising certain iPhone models through its flagship stores on
Alibaba's marketplace platform Tmall last week.

 

A slowdown in demand in China could affect Apple's revenue which already
disappointed investors when the firm released its earnings last month.

 

The firm said sales in China were $20.82bn (£16.4bn) in the last three
months of 2023, down from $23.9bn in the previous year.

 

Apple shares fell by 2.8% in New York trade on Tuesday.-BBC

 

 

 

 

Bitcoin price briefly tops $69,000 for new all-time high

The price of the world's largest cryptocurrency, Bitcoin, briefly hit a new
all-time high of more than $69,000.

 

It surpassed the previous record set in November 2021 - though by 2022
Bitcoin's value had sunk to $16,500.

 

The new surge in price has been spurred by US finance giants pouring
billions into buying bitcoins.

 

The cryptocurrency rose to around $69,200 shortly after 15:00 GMT on
Tuesday, before falling back. It was trading around $62,185 by 21:00 GMT.

 

Bitcoin's value has spiked by more than 50% over the last month, according
to cryptocurrency market data platform CoinMarketCap.

 

Carol Alexander, professor of finance at Sussex University, said its price
could go higher than its new record but warned that crypto was "notoriously
volatile."

 

"Too often in the past the price crash was timed so that ordinary investors
buying Bitcoin during the bubble are the ones who lose out," she told the
BBC.

 

The new record represents another dramatic moment in Bitcoin's turbulent
history.

 

It was invented in 2009 by a person or persons calling themselves Satoshi
Nakamoto - their true identity remains a mystery.

 

Conceived as a means to create money for the internet, its roots lay in an
anti-establishment ethos encouraging people to live free from the existing
power structure of financial institutions and governments.

 

However, its new all-time high value has come about precisely because those
establishment firms have been pouring billions of dollars into acquiring it.

 

That has been made possible because, in January 2024, US regulators
reluctantly approved several spot Bitcoin Exchange-Traded Funds (ETFs).

 

That allowed giant investment firms like Blackrock, Fidelity and Grayscale
to sell products based on the price of Bitcoin.

 

Between them, they have been buying hundreds of thousands of bitcoins,
rapidly driving up their value.

 

Prof Alexander told the BBC these entrants "are attracting institutional
investors into Bitcoin and they are putting a considerable upwards pressure
on price."

 

But she added Bitcoin's "halving" event, expected to take place in April,
may also influence the cryptocurrency's value.

 

"In the past, these events have been accompanied by price surges," she said.

 

What is Bitcoin? ETFs, halving and more key crypto terms, explained

Wild fluctuations

For many holders of Bitcoin, this will be a moment to celebrate - as their
own wealth will have risen a great deal.

 

But history suggests they should be prepared for that to change.

 

Bitcoin's value tumbled to 18-month lows of nearly $20,000 in June 2022 as
investors sought to cut ties with riskier investments amid a gloomy global
economic outlook.

 

The cryptocurrency's price slumped further later that year when FTX - the
huge cryptocurrency exchange founded by so-called "king of crypto" Sam
Bankman-Fried - collapsed into bankruptcy in November 2022.

 

Its peaks and troughs continued throughout 2023, but it managed to climb
back up to trade above $40,000 towards the end of the year.

 

It is not just companies and individual investors who have been tracking
those fluctuations closely.

 

In Central America, El Salvador's president Nayib Bukele has embraced the
cryptocurrency.

 

The Bitcoin-loving leader has spent more than $100m of his developing
nation's public money on buying almost 3000 bitcoins over the last few
years.

 

His investment is now worth around 60% more than he paid for it. Although no
public records have been released on the specifics.-BBC

 

 

 

 

Jeremy Hunt expected to announce 2p National Insurance cut

Jeremy Hunt is expected to announce a 2p cut to National Insurance when he
delivers his Budget on Wednesday.

 

The plan - which matches a cut announced in the Autumn Statement - was first
reported in The Times.

 

Mr Hunt has promised his Budget will help families with "permanent" tax cuts
and stimulate a flagging economy.

 

Labour said any reductions would be cancelled out by the government's
previous decision to freeze the thresholds people start paying tax.

 

The move means a pay rise is more likely to drag someone into a higher band
so they pay more tax.

 

Mr Hunt has been under pressure, particularly from Tory MPs, to cut taxes
currently at an historic high.

 

Cutting National Insurance is cheaper than cutting income tax. However, some
Conservative MPs fear it is less well understood by many voters and so is
less beneficial politically.

 

They have also argued that the initial cut to National Insurance has not
improved the Conservatives' political fortunes - a key consideration with
the general election expected this year.

 

National Insurance contributions are paid by employees and the self-employed
on their earnings, as well as employers.

 

The amount paid depends on an individual's salary.

 

The focus of Wednesday's cut is expected to be on employees rather than
employers, as it was for the Autumn Statement, when the main rate was
reduced from 12% to 10%.

 

A further 2p cut would be worth around £450 a year for someone on a
full-time salary of £35,000.

 

There have also been reports that the Budget may include a headline-grabbing
cut to income tax, despite the risk of fuelling inflation.

 

The Resolution Foundation suggest cutting the main rate of income tax by
just 1p would cost £7bn this year.

 

Total UK tax take . As a % of the size of the economy.  Figures from the
time of Autumn Statement 2023.

Ahead of his Budget speech, Mr Hunt said that the government "can now help
families with permanent cuts in taxation" only because of the progress made
on reducing inflation.

 

He added: "We do this not just to give help where it is needed in
challenging times. But because Conservatives know lower tax means higher
growth.

 

"And higher growth means more opportunity and more prosperity."

 

However, it comes against a backdrop of sluggish economic growth, with the
country falling into recession at the end of last year.

 

In recent weeks the chancellor has also been emphasising that his scope for
cutting taxes is not what he had hoped it would be, following a rise in the
cost of borrowing.

 

'Economic vandalism'

Labour believes the government has more room for manoeuvre than ministers
have been suggesting and may cut income tax as well.

 

But the party argues the Budget cannot "undo the economic vandalism of the
Conservatives over the past decade".

 

In a statement, shadow chancellor Rachel Reeves said: "The Conservatives
promised to fix the nation's roof, but instead they have smashed the
windows, kicked the door in and are now burning the house down."

 

Labour leader Sir Keir Starmer, when he responds to the Budget, will argue
tax cuts now still leave people worse off because of the freezing of tax
thresholds, which means many people are paying higher rates of tax than they
used to.

 

'I earn £1,600 a month and two-thirds goes on bills'

Did the last Budget deliver growth and cheap beer?

Do councils spend too much on diversity schemes?

Alongside the expected cut to National Insurance, Mr Hunt is set to freeze
fuel duty for another year. The levy has not increased since 2011.

 

The BBC has also been told Mr Hunt will use his Budget to urge councils to
reduce their spending on diversity schemes and consultants.

 

It comes as councils across the country have said they are struggling to
balance the books.

 

This week councils in Birmingham and Nottingham have announced big cuts to
services.

 

The Local Government Association has dismissed attacks on diversity schemes
as a "distraction" arguing that councils spent "pence" on such projects.

 

Meanwhile, the chancellor is also considering other measures to raise
revenue, including a new tax on vapes and scrapping non-dom tax status.

 

People with non-domiciled status are UK residents whose home for tax
purposes is abroad. Under the current system, they do not have to pay UK tax
on money they make overseas.

 

Labour has pledged to abolish non-dom status and spend the money generated
on schools and the NHS.

 

If the party backs any tax cuts the chancellor announces, which they are
expected to do, this would leave questions over how some of their spending
pledges would be funded.

 

Discussion of the likely impact of the measures expected in the Budget leads
many of Wednesday's papers.

 

The Daily Express describes Mr Hunt's plans as a "tax cut gamble" and says
he wants to deliver a "feelgood package designed to ease families'
finances", while the Financial Times says the Budget comes as the Tories
"eye a tough election" and that Conservatives MPs want a plan to "drag
Britain out of recession".

 

The Daily Telegraph says the tax cuts have sparked speculation of an
election in May, while the Guardian says they will come "at the expense of
public services" and force whoever forms the next government to make further
cutbacks.-BBC

 

 

 

 

Bipartisan US bill could force ByteDance to divest TikTok

A group of US lawmakers has introduced a bill that would require Chinese
tech giant ByteDance to sell off the popular video-sharing TikTok app within
six months or face a ban.

 

For years American officials have raised concerns that data from the app
could fall into the hands of the Chinese government.

 

A bipartisan set of 19 lawmakers introduced the legislation on Tuesday.

 

TikTok called the bill a disguised "outright ban".

 

In a statement announcing the bill, the lawmakers said "applications like
TikTok that are controlled by foreign adversaries pose an unacceptable risk
to US national security".

 

The bill would give ByteDance 165 days to divest, or it would be blocked
from the app store and web hosting platforms in the US.

 

"This legislation will trample the First Amendment rights of 170 million
Americans and deprive 5 million small businesses of a platform they rely on
to grow and create jobs," TikTok said in a statement to the BBC.

 

TikTok has previously argued against divestment, saying a change in
ownership would not impose new restrictions on data use.

 

TikTok is one of the most popular apps in the US, especially among younger
people.

 

This is the latest attempt by US lawmakers to place restriction on the app.

 

Senators introduced legislation to block the app last year, but the move
stalled after lobbying from the company.

 

Former President Donald Trump tried to ban the application completely in
2020, though the move was also unsuccessful.

 

The application is also banned on government devices, though President Joe
Biden's re-election campaign made an account last month.

 

The House Energy and Commerce Committee said it would consider the latest
bill on Thursday.-BBC

 

 

 

 

Facebook and Instagram restored after outages

Meta says it has resolved a "technical issue" which caused Facebook,
Messenger and Instagram to go down.

 

Hundreds of thousands of users worldwide were unable to access them for
around two hours on Tuesday.

 

People trying to log onto the websites and apps were finding error messages
and were unable to refresh their feeds as normal.

 

Meta also apologised to those who had been affected, saying it resolved the
problem as quickly as it could.

 

Tracking website Downdetector indicated the outages had affected multiple
countries.

 

Meta's platforms are some of the most popular in the world. Facebook has
three billion active monthly users, while Instagram is expected to hit 1.4
billion worldwide later this year.

 

Threads, its rival to Twitter, that was launched in 2023, also reported
outages. WhatsApp - which Meta also owns - was unaffected.

 

The biggest outage Meta experienced was in 2021, when founder Mark
Zuckerberg apologised for the disruption caused.

 

On that occasion Facebook, Messenger, Whatsapp and Instagram services went
down for almost six hours.-BBC

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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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

 


 

 

 

 


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companies typically involve a higher degree of risk and more volatility than
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for guideline purposes only and d from third parties.

 


 

 


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