Major International Business Headlines Brief::: 11 March 2024

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Major International Business Headlines Brief:::  11 March 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Ethiopian Airlines Reaffirms Confidence in Boeing Five Years After Fatal
Crash

ü  Nigeria's Electricity Transmission Line Vandalised, Fifth in One Month

ü  Liberia: No Data On Liberia's Stage of Poverty

ü  Senegal: Young Senegalese Forced Abroad By Dual Economic and Political
Crises

ü  Nigeria: Tinubu to Inaugurate Multi-Billion-Naira Agro Zone, Airport in
Minna

ü  Uganda's Exit From Grey List Raises Optimism

ü  Nigeria: Security Measures in Niger Delta Increase Oil Output By 200,000
Barrels - Adviser

ü  Somalia: Turkey, Somalia Announce Agreement to Explore for Oil and Gas

ü  Kenya's Sugar Pricing Committee Cuts Cane Prices By 2%

ü  Rwanda: No to the 'Sustainable Mining' Agreement Between the EU and
Rwanda

ü  India signs $100bn free trade deal with four European nations

ü  Japan avoids technical recession as economic growth figures revised

ü  Saudi Aramco boosts dividends despite profit fall

 


 

 


Ethiopian Airlines Reaffirms Confidence in Boeing Five Years After Fatal
Crash

As Ethiopian Airlines commemorates the fifth anniversary of the 2019 Boeing
737 Max 8 crash, the carrier showcases renewed confidence in Boeing, evident
through additional orders, despite recent challenges faced by aircraft
within the same family.

 

Despite the tragic accident involving Flight ET 302 that claimed 157 lives
in Addis Ababa, Ethiopian Airlines has emerged as a significant client for
Boeing, affirming the carrier's confidence in the manufacturer's offerings.

 

Just last week, the Bole-based carrier announced the plans to acquire eight
Boeing 777X, the latest fuel-efficient variant, with an option for an
additional 12 aircraft.

 

During the Dubai Airshow last year, Ethiopian Airlines committed to
acquiring 11 787 Dreamliners and 20 737 MAX jets.

 

The Ethiopian crash occurred five months after Indonesia's Lion Air Flight
610, which crashed shortly after takeoff, resulting in the loss of all 189
passengers and crew onboard.

 

 

On March 10, 2019, at 08:38 local time, Ethiopian Airlines Flight 302
departed from Addis Ababa Bole International Airport en route to Jomo
Kenyatta International Airport in Nairobi, Kenya.

 

However, just a minute after takeoff, the first officer communicated a
flight control issue to the control tower in Bole.

 

The aircraft's Maneuvering Characteristics Augmentation System (MCAS)
engaged, causing the plane's nose to pitch downward as the crew attempted to
regain control in vain, ultimately leading to the fatal crash.

 

Following the Ethiopian Flight 302 crash, aviation regulators worldwide
grounded the 737 MAX to ascertain the causes behind the twin crashes.

 

In 2020, America's Federal Aviation Administration (FAA) recertified the 737
MAX 8, and other global safety aviation authorities followed suit.

 

 

As the dust settles over the 737 Max 8, additional technical issues
involving other variants of the 737 family have emerged. Earlier this year,
an Alaska Airlines Boeing 737 MAX 9 experienced a plug door blowout during
flight AS 1282.

 

Boeing acknowledged responsibility for the incident involving the 737-9
variant, where a mid-exit door panel dislodged during flight.

 

The company has implemented corrective measures, including a control plan to
ensure proper installation of all 737-9 mid-exit door plugs according to
specifications.

 

New inspections of the door plug assembly and similar structures have been
instituted at the supplier's factory and on Boeing's production line.

 

Additionally, signage and protocol have been added to thoroughly document
the opening and removal of the door plug at the firm's facility, ensuring it
is reinstalled and inspected before delivery.

 

Ethiopian Airlines, operating Africa's largest Dreamliner fleet, currently
incorporates a mix of 787-8s and 787-9s.

 

- Business Day Africa.

 

 

 

 

Nigeria's Electricity Transmission Line Vandalised, Fifth in One Month

"During the fault tracing process, the vigilante team leaders in the
vicinity notified TCN linesmen of vandalism along the transmission line."

 

The Transmission Company of Nigeria (TCN), says one of its critical
infrastructure, the Shiroro-Katampe 330 Kilo Volt (kV) transmission line has
been vandalised.

 

TCN' s General Manager, Public Affairs, Ndidi Mbah, said this in a statement
in Abuja on Sunday.

 

According to Ms Mbah, this is the fifth of such incident between February
and March.

 

 

Ms Mbah said that at approximately 9 a.m. on Sunday, the Shiroro-Katampe
transmission line experienced a trip.

 

She said that following initial investigations, TCN engineers attempted to
restore operation but were unsuccessful.

 

"Subsequently, efforts were made to identify the fault location. Hence,
linesmen were dispatched to physically patrol the suspected area.

 

"During the fault tracing process, the vigilante team leaders in the
vicinity notified TCN linesmen of vandalism along the transmission line.

 

" The company's personnel confirmed the vandalisation of the transmission
line 1, from Towers 244 to 245, and the conductors stolen," she said.

 

According to her, the company is currently mobilising for conductor
replacement, pending the completion of security operations at the site.

 

"The second line remains fully operational, in conjunction with the
Gwagwalada 330kV line serving the Kukwaba-Apo axis."

 

 

She said that the wheeling capacity of TCN towards Abuja and environs would
be enhanced by the Lokoja - Gwagwalada 330kV transmission line.

 

"The company is working hard to minimise the adverse effect of these acts of
sabotage on bulk power supply to Abuja and environs.

 

"This incident adds to a series of vandalism incidents recorded by TCN in
February, including the destruction of Tower 70 along the Gwagwalade-Katampe
transmission line on Feb. 26.

 

"Other incidents include the vandalisation of towers 377 and 378 along the
Gombe-Damaturu 330kV transmission line on Feb. 23," she said.

 

Ms Mbah said that there was also an attack on towers 145 to 149 and 201 to
218 along the Owerri-Ahoda 132kV transmission line on 15 February.

 

She said that on 1 February, Tower 388 along the Jos-Bauchi 132kV single
circuit transmission line also collapsed due to vandalism.

 

According to Ms Mbah, these acts of sabotage are unacceptable. She urged
relevant security agencies and host communities to collaborate in
apprehending the perpetrators.

 

"Protection of the nation's transmission infrastructure is paramount, and
collective efforts are required to curb these incidents.

 

"The company calls on all Nigerians to assist in reporting such acts of
vandalism. Electricity infrastructure is a national asset, and safeguarding
it is a collective responsibility," she said.

 

- Premium Times.

 

 

 

Liberia: No Data On Liberia's Stage of Poverty

The United Nations says implementing sustainable solutions and tracking
progress over time is challenging due to the lack of data on Liberia's
poverty stage.

 

The United Nations Entity for Gender Equality and the Empowerment of Women
(UN Women) Liberia Country Representative Comfort Lamptey spoke of the
increasingly challenging task of implementing sustainable solutions and
tracking progress over time.

 

Speaking during the observance of International Women's Day in Congo Town on
Friday, 8 March 2024, she said this is due to the lack of data to tell the
poverty stage in Liberia.

 

 

The International Women's Day celebration honors women's social, economic,
cultural, and political achievements.

 

During the celebration, Madam Lamptey underscored how this data gap
exacerbates inequalities and undermines the rights and well-being of
marginalized communities, particularly women and girls who often bear the
brunt of poverty's impact.

 

She indicated that the absence of data on poverty hinders efforts to combat
poverty and obstructs the monitoring and evaluation of existing initiatives
meant to empower women across the country.

 

Like many developing nations, Liberia grapples with poverty as a persistent
obstacle to progress and development.

 

However, without accurate and up-to-date data, policymakers and
organizations struggle to formulate targeted interventions and allocate
resources where they are most needed.

 

Madam Lamptey said without accurate information, the voices of marginalized
groups in the country may be overlooked, perpetuating a cycle of poverty and
exclusion.

 

 

In response to this pressing issue, she called on the Government of Liberia
to invest in getting gender data to aid its international partners in
alleviating poverty across the country.

 

"So, one of the first things we need to do as a call to action is to invest
in getting gender data to aid partners in addressing poverty in Liberia,"
she noted.

 

For her part, UN Resident Coordinator Christine Umutoni concurred with her
counterparts, emphasizing the importance of supporting women's
organizations.

 

She called for investment in programs to end violence against women and
promote women's inclusion and leadership in economies, digital technologies,
peacebuilding, and climate action.

 

Recalling her father's advocacy for girls' education, she urged every young
girl not to succumb to discrimination, fear, or any pressure that might lead
them into drugs or prostitution.

 

At the same time, she called upon women at the table to raise their voices
and advocate for girls' education and empowerment.

 

In addition, Setta Saah Fofana, the National Coordinator of NACCEL,
emphasized the importance of collective strategies to achieve women's
empowerment, acknowledging the progress made in women's representation and
empowerment in Liberia.

 

Meanwhile, The celebration also recognized individuals for their
contributions. Madame Teanneh Brunson was honored as the best public
servant, Korpo Howard as the most influential woman of the year, and Madam
Oretha Thomas as the most dedicated staff at the Ministry of Gender,
Children, and Social Protection.

 

- New Dawn.

 

 

 

 

Senegal: Young Senegalese Forced Abroad By Dual Economic and Political
Crises

Dakar, Senegal — As young people quit Senegal amid mounting economic and
political hardship that has seen universities close and jobs dry up, local
charities have moved in to stem the exodus by offering practical training
aimed at helping vulnerable youth forge a path into the workplace.

 

The country has been thrown into political crisis over the past year over
the jailing of opposition leader Ousmane Sonko and the violent supression of
protests.

 

President Macky Sall was accused of seeking to maintain his grip on power
amid disputed elections that were then delayed. A polling date has finally
been set for 24 March.

 

The turmoil has had a ripple effect on the economy, with tourism in decline
and most industries at a standstill.

 

Ayoba Faye, a journalist with private media group Walfadjri in Dakar and
chief editor of the online newspaper Press Afrik, told RFI the postponement
of the election had aggravated matters, particularly for young people.

 

 

"The country faces a political crisis, but also a social crisis and an
economic crisis," he said.

 

Young people lost many work opportunities after the government sold fishing
licences to China and the EU, added. With the largest university closed for
nine months "more and more of them are taking their pirogues to try and
emigrate to Spain".

 

Rise in poverty

 

Known abroad as a haven of stability in a volatile region, Senegal has
experienced a dramatic rise in poverty. More than a third of the population
living under the poverty line, UN World Food Programme figures show.

 

Forty-one percent of Senegalese are under the age of 14 and many young
people are focused on one thing: reaching Europe.

 

To do so, they typically travel the dangerous Atlantic route to Spain's
Canary Islands, which means days of sailing across treacherous seas.

 

 

The International Organisation for Migration said 14,976 migrants from West
Africa had reached the Canaries between January and September 2023. It also
said 424 people had either drowned or disappeared in crossings during that
period.

 

More and more people are dreaming of taking their boats out "not for fishing
but to leave the country", economist N'Dongo Samba Sylla told RFI.

 

"When even demonstrating can lead to death because of state violence, what
else can they hope for?"

 

Call for training

 

Several organisations are focused on supporting young Senegalese facing
unemployment - some of whom have returning to the country after a failed
attempt to migrate.

 

Aspyre Africa, a UK-registered charity, provides access to vocational
training for the country's most vulnerable youth - especially those who feel
they are unsuited for higher education.

 

It aims to propose practical and sustainable solutions that can remove
barriers to entering the workplace.

 

Many young men go through Aspyre to learn how to become electricians, for
example.

 

"In Senegal, a lot of young people lose hope because of unemployment,"
trainee gardener Pape Moussa Diarra told RFI.

 

"I want to tell them that they can find support and get training to find a
job that suits them, and then they'll be able to help themselves and their
family."

 

One of the trainers, Lamine Tall, says social pressure has contributed to
Senegal's emigration problem.

 

"If a young man hears about another one who left for Europe and did well
there, his family and his village might ask him, 'Don't you deserve the
same?'" he says.

 

"That can get into people's heads."

 

-the RFI website.

 

 

 

 

Nigeria: Tinubu to Inaugurate Multi-Billion-Naira Agro Zone, Airport in
Minna

President Bola Tinubu is expected to inaugurate an agricultural processing
zone with equipment and the remodelled Minna International Airport on
Monday.

 

Governor Mohammed Umaru-Bago of Niger State, who said this while inspecting
the projects on Saturday, said about 2,000 hectares would be utilised for
the agro-processing zone project.

 

Also on the inspection team was the President of the Nigeria Union of
Journalists (NUJ), Chris Isiguzo.

 

Bago said about 1,000 hectares would be utilised for drip irrigation and
greenhouses while an additional 1,000 hectares was specifically for
processing dairy products.

 

 

He added that the remodelling of the International Airport in Minna had
reached 99 per cent completion.

 

"Niger State sells an average of half a million cattle to Nigerians and
people outside Nigeria daily.

 

"We don't need to transport these cattle by road at all, you can take the
meat that is frozen from the airport to anywhere and it will create
employment, enhance the value chain," the governor added.

 

On the agro zone, the governor, who said the project would be executed with
foreign partners, said water would be piped from Shiroro Dam for use by
farmers at the site.

 

"We are constructing about 140 kilometres of water irrigation channels to
this place from Shiroro dam," he said.

 

The NUJ president commended the governor for the initiative, adding that the
airport would compete with others in Africa.

 

"Coming here today to see the massive transformation that is ongoing in this
place speaks volumes about the commitment of the present administration in
the state," he said. (NAN)

 

- Daily Trust.

 

 

 

 

Uganda's Exit From Grey List Raises Optimism

Uganda's delisting from the dreaded Financial Action Task Force grey list is
likely to boost investor confidence and attract more inflows into the
country, experts say.

 

While presenting the outcomes of the fifth plenary meeting in Paris on the
February 21 to 23, T. Raja Kumar, the president of the FATF, showed that
Uganda was no longer on the grey list. He said the country had performed
well in combating money laundering, and had enhanced financial transparency
and dealt with terrorism financing.

 

Samuel Were Wandera, the executive director of Financial Intelligence
Authority Uganda, while commenting about Uganda's removal from the FATF grey
list, said in a statement, that "Uganda's exit from the FATF grey list is a
testament to our unwavering commitment to fostering a transparent and secure
financial environment. It reflects the concerted efforts of our government
and regulatory authorities to strengthen our AML/CFT framework and safeguard
our financial system from illicit financial activities."

 

 

Dr Patrick Mutimba, the director of the Financial Sector Management
Programme at Macroeconomics and Financial Management Institute of Eastern
and Southern Africa (MEFMI), said "In general, being on the FATF grey list
implies that a country finds it harder to attract foreign direct investment.
Institutional investors will carry on more elaborate "due diligence" and any
incremental costs will be passed on to the final consumer in terms of higher
prices for a relatively same quality product. So, when a country is off the
grey list, there is reason to be more optimistic about the country's
business prospects going forward."

 

He added, however, that "a country's business competitiveness is also
affected by a host of other factors such as access to good technology,
financing options from developed domestic markets, taxation regimes, etc.
These also come into play, contributing to the eventual outcomes."

 

- Observer.

 

 

 

 

Nigeria: Security Measures in Niger Delta Increase Oil Output By 200,000
Barrels - Adviser

The Special Adviser to the President on Energy, Mrs Olu Verheijen, yesterday
said the administration of President Bola Tinubu opted for fiscal incentives
in the oil and gas sector to attract investments, adding that the enhanced
security measures in the Niger Delta has led to increase in over 200,000
barrels/day over the last six months.

 

Verheijen, who spoke at the briefing on policy directives on oil and gas
reforms, said the government was seeking ways to grow revenue and foreign
exchange to stabilize our economy and currency.

 

She said the stability in the oil producing areas has increased the
availability of NLNG Trains 1-6 from 57 per cent in 2023 to 70 per cent in
Q1 2024 and that the president has also directed that the contracting and
project delivery timelines in the oil and gas sector be reduced from 36 to
six months.

 

 

"We are faced with a revenue crisis which is impacting all Nigerians. To
urgently address this, President Bola Tinubu is actively seeking ways to
grow revenue and to stabilise our economy and currency.

 

"The oil and gas sector is critical to our ability to do so. However, our
current oil and gas production and investment levels fall significantly
short of our potential.

 

"Since 2016, Nigeria has only accounted for only four percent of Africa's
total oil and gas investments, despite possessing 38 per cent of the
continent's hydrocarbon reserves.

 

"His Excellency, President Bola Ahmed Tinubu is determined to re-write this
narrative. His focus is to remove obstacles to investments in Nigeria;
improve the investment climate; position Nigeria as the preferred investment
destination for the Oil & Gas sector in Africa; diversify the economy for
the benefit of all Nigerians."

 

She said the president in order to achieve the objective has issued a
Presidential Directive to streamline and clarify the scope of the two
regulators in the petroleum sector to provide certainty and create a
conducive business environment and directed the NSA and Special Adviser on
Energy to coordinate enhanced security measures in the Niger Delta, among
others.

 

- Daily Trust.

 

 

 

Somalia: Turkey, Somalia Announce Agreement to Explore for Oil and Gas

Somalia and Turkey have announced the signing of a deal to explore for oil
and gas that further strengthens cooperation between the two countries,
according to officials from both countries.

 

Under the agreement signed Thursday in Turkey, the deal is to promote the
development of bilateral, scientific, technical and commercial cooperation
between Turkey and Somalia in developing the oil and gas of Somalia,
according to Somali Petroleum and Mineral Resources Minister Abdirizak
Mohamed.

 

Mohamed said Turkey will explore for oil and gas in Somalia, both onshore
and offshore.

 

"The Turkish will do the exploration, appraisal and development and
production of petroleum from onshore and offshore blocks of the Federal
Republic of Somalia as well as distribution, and maybe a refinery sale of
petroleum and its product and service operations related to these projects,"
Mohamed told VOA Somali.

 

 

"So, it's very comprehensive though we haven't signed the PSA
[production-sharing agreement] yet."

 

Mohamed said the deal is one of the protocols of the Defense and Economic
Cooperation Framework Agreement reached by the two countries last month.

 

Under that agreement, which will last for 10 years, Turkey will build, train
and equip the Somali navy, according to Somali Prime Minister Hamza Abdi
Barre.

 

Mohamed said a follow-up agreement will contain details of the
production-sharing agreement, as well as the timeline for the deal.

 

Turkish Energy and Natural Resources Minister Alparslan Bayraktar also
welcomed the agreement.

 

"We signed an intergovernmental agreement and memorandum of understanding
with Mr. Abdirizak Omar Mohamed, Minister of Petroleum and Mineral Resources
of Somalia, to enhance our cooperation in the field of oil and natural gas
in Somalia's onshore and offshore blocks," he posted on X. formerly known as
Twitter.

 

 

"With this agreement, we will carry out joint activities to bring the
resources of Somalia to the Somali people. We aim to strengthen Turkey's
presence in the Horn of Africa with new collaborations in the field of
energy."

 

Turkey has been a major partner of Somalia since 2011 when then-Prime
Minister Recep Tayyip Erdogan visited Somalia at the height of a deadly
famine. Since then, Turkey has been helping Somalia with humanitarian
assistance and budgetary support.

 

In September 2017, Turkey opened a large military facility to train Somali
security forces. The newest group graduated from the facility Thursday.

 

"Turkey is one of our allies, it's one of our friends, they have been in
Somalia at a time when every other country has neglected and has not given
any support," Mohamed said. "So this agreement only deepens and enhances the
deep relationship between the two countries."- VOA.

 

 

Kenya's Sugar Pricing Committee Cuts Cane Prices By 2%

Kenya's Sugar Pricing Committee has implemented a two percent reduction in
the price of sugarcane, responding to a concurrent decrease in the cost of
the commodity on the retail market.

 

In the most recent review, the committee, mandated with periodically
assessing sugarcane prices, revised the cost from Ksh6,050 per tonne to
Ksh5,900.

 

Jude Chesire, the head of the Sugar Directorate, cited a notable decline in
retail sugar prices as the driving factor behind this adjustment.

 

"The significant drop in sugar prices on the shelf prompted the committee to
lower the cost of sugarcane per tonne," said Mr Chesire to Business Day
Africa.

 

To determine the sugarcane cost, the committee considers prevailing sugar
prices and ex-factory rates, aiming for equitable returns to both growers
and millers.

 

 

The committee comprises representatives from various entities, including
AFA, the Ministry of Agriculture, farmers, millers, and sugar-producing
counties.

 

Agriculture Cabinet Secretary Mithika Linturi pointed out last month that
sugar prices had substantially decreased due to government-initiated
measures.

 

These measures included boosting imports to enhance local supply and
improving the efficiency of domestic millers.

 

Presently, a two-kilogramme sugar packet is available at Ksh399, down from
Ksh450 in August of the previous year.

 

The decline is attributed to increased local sugar production facilitated by
the Agriculture and Food Authority (AFA), which permitted sugar factories to
fully resume operations last December.

 

In July last year, the regulatory body imposed a four-month ban on cane
milling to allow the crop in the fields to mature before resuming
production.

 

This decision coincided with India, a major global sugar producer, imposing
export restrictions to safeguard its local stocks amid a worldwide shortage
that escalated sugar prices.

 

- Business Day Africa.

 

 

 

 

Rwanda: No to the 'Sustainable Mining' Agreement Between the EU and Rwanda

Kigali — How can the European Union sign an agreement on the sustainability
and traceability of strategic minerals with a country that does not produce
them itself, but obtains them illegally from a neighboring state? This is
what "Insieme pace per il Congo" and seven other organizations, including
the "Rete Pace per il Congo" Network (promoted by missionaries operating in
the Democratic Republic of Congo) who in a statement sent to Fides are
calling for the annulment of the protocol agreement between the EU and
Rwanda signed on February 19th. The agreement had already been criticized by
Cardinal Fridolin Ambongo Besungu, Archbishop of Kinshasa (see Fides,
27/2/2024). According to the EU, Rwanda is "a major global player in the
tantalum mining sector. The country also mines tin, tungsten, gold and
niobium and has reserves of lithium and rare earths". It is emphasized that
the agreement aims to "express the firm intention to respect legality in
accordance with the traceability standards that Europe has set for itself
for 2021". "It is a shame, however - continues the statement - that the EU
is investing in this direction in a country which does not have significant
quantities of these minerals, a country which has only become a major
exporter thanks to the wars that "have raged in the country since 1996,
always through clandestine movements which, in recent years, have taken the
name of M23 (see Fides, 13/2/2024, ed.)". "From the east of Congo, with the
support of corrupt officials at various levels, the valuable minerals gold,
coltan and rare earths have been flowing in large quantities to Rwanda and
other eastern neighboring countries for years.... Complicity at the borders,
various types of subterfuge, but today they flow openly, thanks to the
territories occupied by the M23-Rwanda across the border, at the cost of
deaths, violence of all kinds, theft of the property of a population whose
only fault is to live in a coveted territory, and more than a million
displaced people - in the East alone - surviving or dying miserably in
makeshift huts in the middle of the rainy season," the document says. "If
the aim of the February 19 agreement, as the European Parliament has stated
in response to the numerous criticisms, is 'to increase traceability and
transparency and to strengthen the fight against illegal trade in minerals',
was it not more appropriate to sanction Rwanda instead of concluding
agreements with it on the very fruits of the theft which is currently taking
place?" asks "Insieme per la Pace nel Congo". "Echoing the many voices that
have been raised against the agreement in question, both by the authorities,
by Congolese citizens, by European countries such as Belgium and by MEPs, we
too as «Insieme per la Pace nel Congo» Committee also appeal to the European
Union to cancel this agreement, in order to contribute to peace in the
region. We believe that only a fair and impartial attitude can promote
peaceful coexistence in the African Great Lakes region of Africa", the
statement said.

 

 

India signs $100bn free trade deal with four European nations

India has signed a free trade agreement (FTA) with a group of four European
countries that are not members of the European Union.

 

The deal with the European Free Trade Association (EFTA) will see
investments in India of $100bn (£77.8bn), the country's trade minister says.

 

The EFTA is made up of Norway, Switzerland, Iceland and Liechtenstein.

 

The announcement comes as the UK and India have been holding negotiations
over an FTA for the last two years.

 

"This landmark pact underlines our commitment to boosting economic progress
and creating opportunities for our youth," Prime Minister Narendra Modi said
in a statement.

 

"The times ahead will bring more prosperity and mutual growth as we
strengthen our bonds with EFTA nations," he added.

 

The agreement comes after almost 16 years of negotiations. Under this deal,
India will lift most import tariffs on industrial goods from the four
countries in return for investments over 15 years.

 

The investments are expected to be made across a range of industries,
including pharmaceuticals, machinery and manufacturing.

 

"The agreement enhances market access and simplifies customs procedures
making it easier for Indian and EFTA businesses to expand their operations
in the respective markets," the EFTA said in a statement.

 

India and the four EFTA nations now need to ratify the agreement before it
can take effect, with Switzerland planning to do so by next year.

 

India is due to hold general elections this year as Mr Modi seeks a record
third term in office.

 

In the last two years, India has signed trade deals with Australia and the
United Arab Emirates.

 

Last week, the UK's trade minister Kemi Badenoch suggested that it was
possible that Britain could sign a free trade deal before India held its
elections but said it would be "challenging" .

 

"I suspect that that is not necessarily going to be the case because I don't
want to use any election as a deadline," she added.-bbc

 

 

 

 

Japan avoids technical recession as economic growth figures revised

Japan has avoided falling into a technical recession after its official
economic growth figures were revised.

 

The revised data shows gross domestic product (GDP) was 0.4% higher in the
last three months of 2023 compared to a year earlier.

 

Provisional figures released last month indicated the second consecutive
quarter of economic contraction.

 

Two quarters in a row of an economy shrinking is typically considered the
definition of a technical recession.

 

But the revised figures still came below expectations, as some economists
had forecast an upward revision to fourth quarter GDP of around 1%.

 

Hopes that the country had skirted a recession were boosted last week when
figures from the Ministry of Finance showed a sharp rise in the amount
companies invested in their businesses.

 

However, the figures from Japan's Cabinet Office on Monday showed private
consumption, which makes up about 60% of the economy, fell by 0.3% for the
period.

 

Japan's uneven economic performance may see another contraction in the
current quarter due to the impact of issues including a slowdown of
neighbouring China's economy and a suspension of production at car maker
Daihatsu.

 

The upward revision to the fourth quarter GDP came as expectations are
growing that the country's central bank could soon raise interest rates.

 

The Bank of Japan has held rates at -0.1% since it cut borrowing costs below
zero in 2016 as it tried to boost spending and investment.

 

Negative rates make the yen less attractive to global investors, which has
pushed down the currency's value.

 

Japan's main stock market index, the Nikkei 225, was around 2.5% lower on
Monday morning.-bbc

 

 

 

 

Saudi Aramco boosts dividends despite profit fall

Saudi Aramco has reported a steep decline in profits, after the energy giant
cut production and oil prices fell sharply in 2023.

 

Its profits fell 25% to $121bn (£91bn) profits after a record-smashing year
in 2022.

 

But the figure is still the second-highest profit ever for the state-backed
company.

 

The firm said it was boosting its payments to shareholders and looking for
opportunities to invest in China.

 

Dividends will increase to $98bn, a rise of almost a third compared to 2022,
when it banked a record $161bn in profit, thanks to the impact Russia's war
in Ukraine was having on energy prices. Oil prices hit $130 a barrel in
2022.

 

The Saudi state owns nearly 95% of the company, so the bumper profits
resulted in a budget surplus for the kingdom in 2022.

 

In 2023 oil prices fell back to $85 a barrel. Moreover, Saudi Aramco has cut
back on production to help support the oil price, providing a further
challenge to profits.

 

"In 2023 we achieved our second-highest ever net income. Our resilience and
agility contributed to healthy cash flows and high levels of profitability,
despite a backdrop of economic headwinds," Aramco's chief executive Amin
Nasser said in a statement.

 

Jared Kushner defends business ties with Saudi Arabia

What is the windfall tax on oil and gas firms?

Saudi Arabia is aiming to diversify the country's economy, using income from
its energy sector to fund the transition.

 

Mr Nasser said the firm would make some announcements this year on
renewables investments in Saudi Arabia.

 

But he also said the oil giant was looking for opportunities to invest in
China, where demand for oil was growing.

 

"So far we are in the early part of 2024, demand is healthy and growing in
China," Mr Nasser told journalists.

 

Saudi Aramco already has investments in Chinese refineries.

 

He said he expects the oil market to be "fairly robust" in 2024 with demand
just marginally higher than last year.

 

He also said discussions were taking place over a stake in the tie-up with
French carmaker Renault and China's Geely which make hybrid car engines.-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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