Major International Business Headlines Brief::: 13 March 2024

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Major International Business Headlines Brief:::  13 March 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: KQ, SAA Delay Pan-African Airline Formation for Recapitalisation

ü  Kenya: China, Jordan, Among Foreign Bidders Eyeing Kenyan Land for
Production

ü  Rwanda, Tanzania Commit to Stronger Trade, Energy Ties

ü  Namibia: Little Done to Protect Fisheries Jobs Post-Fishrot - Opposition,
Commentators

ü  Angolan Parliament Discusses Illegal Mining Law

ü  Uganda: Africa's Renewable Energy Sector Is Shattering Gender Norms

ü  Nigeria: Minimum Wage - Nobody Can Earn Less Than N100K and Survive in
Nigeria - Caucus Leader, Chinda

ü  Kenya: Export Authority Picks New CEO

ü  Tanzania Banks On Public, Private Investment for Growth

ü  Kenya: Senate Team Assures Sugar Bill 2022 to Be Fast-Tracked

ü  AI: Google restricts Gemini chatbot election answers

ü  US inflation edges up as Fed debates interest rate cuts

ü  Why firms are bringing their manufacturing back home

ü  EVs were once luxury vehicles. Now, they're for every driver

ü  Banana prices to go up as temperatures rise, says expert

 


 

 


Kenya: KQ, SAA Delay Pan-African Airline Formation for Recapitalisation

The establishment of a Pan-African Airline, scheduled to take shape this
year, has been delayed as the two carriers intended to form the alliance are
seeking to recapitalise.

 

Kenya Airways and South African Airways announced the establishment of the
highly anticipated Pan-African Airline Group this year, following the
initial proposal of the plan three years ago.

 

Last year, Kenya Airways disclosed the initiation of the second phase of the
partnership framework between the two airlines, a crucial step that would
pave the way for the formation of the new aviation group.

 

Despite the persistence of the plans, the timeline has been adjusted due to
the ongoing recapitalisation efforts by both carriers.

 

 

"The plans are still on but will be delayed because we are recapitalising
this year, and I believe so is SAA," Allan Kilavuka, CEO of Kenya Airways
told Business Day Africa.

 

To facilitate the recapitalisation, Kenya Airways has extended an invitation
to external investors, including existing ones interested in increasing
their stake.

 

This initiative, dubbed "Kifaru 2," aims to inject fresh capital into the
airline's operations.

 

The airline is actively working to restructure its balance sheet, leveraging
recent improved performance, which included reporting a $6.79 million
operating profit in the first half of 2023--its first in six years, marking
a 120 percent improvement compared to the same period in 2022.

 

Similarly, South African Airways has been in pursuit of a strategic investor
since resuming operations in 2020 after a period of financial challenges led
to a halt. Notably, the carrier received crucial approval for the sale of a
51 percent stake to the Takatso Aviation consortium, the government's
preferred partner.

 

Led by Harith General Partners, an asset management firm, the consortium is
set to acquire a controlling 51 percent stake in SAA Group, injecting $167
million into the carrier's operating capital.

 

The strategic partnership framework between Kenya Airways and South African
Airways was initially signed in South Africa in November 2021, witnessed by
President Cyril Ramaphosa and former President of Kenya Uhuru Kenyatta.

 

The collaboration aims to consolidate assets, enhancing connectivity for
both passenger traffic and cargo, and providing passengers with more
affordable fares and diverse flying route options.

 

- Business Day Africa.

 

 

 

 

Kenya: China, Jordan, Among Foreign Bidders Eyeing Kenyan Land for
Production

Foreign countries and banks are among the interested parties that submitted
bids for leasing government lands as the call for submission of interests
closes today.

 

Business Day Africa has established that China, Bangladesh, Egypt, and
Jordan have expressed interest in leasing idle state lands for agricultural
purposes.

 

Egypt and Jordan plan to use the lands for beef cattle farming, while
Bangladesh intends to focus on rice production. Meanwhile, China has
proposed plans for producing rice, beef, and pork on the available state
lands.

 

 

"We have received numerous expressions of interest, including from foreign
countries eager to participate in this initiative. However, the true scope
of engagement will become apparent once the bidding process concludes," an
official from the Ministry of Agriculture disclosed,

 

The Ministry of Agriculture has collaborated with KenInvest, which is
managing the leasing portal and providing investment guidance.

 

Additionally, the ministry has inked a memorandum of understanding (MoU)
with the International Finance Corporation (IFC), paving the way for the
multilateral lender to extend loan facilities to investors.

 

In June 2022, the Cabinet, under the leadership of President Uhuru Kenyatta,
approved a policy facilitating large-scale commercialisation of public land
designated for agricultural purposes.

 

The policy aims to establish a framework for utilising idle land owned by
public institutions for extensive commercial agricultural activities.

 

Kenya envisages a model where significant portions of public land will be
leased to private investors, fostering the production of food and cash crops
that rely less on rain-fed agriculture and instead prioritise irrigation.

 

Notable parastatals holding vast yet unutilised land include Kenya Railways,
Kenya Broadcasting Corporation, East African Portland Cement, Kenya Prisons,
and the University of Nairobi.

 

Currently, Kenya's commercial agriculture sector primarily focuses on
exports such as tea, coffee, fruits, vegetables, and flowers, which are
crucial foreign exchange earners.

 

The country now aims to diversify into large-scale commercial production of
staple food crops like maize, beans, and vegetables, primarily for local
market.

 

- Business Day Africa.

 

 

 

 

Rwanda, Tanzania Commit to Stronger Trade, Energy Ties

Rwanda's Minister of Foreign Affairs and International Cooperation, Vincent
Biruta, and his Tanzanian counterpart, January Makamba, committed to
boosting the two countries' bilateral ties in various sectors including
trade, energy and infrastructure.

 

The two ministers made the commitment in Kigali on Tuesday, March 12 during
a press briefing that followed bilateral engagement between their
delegations.

 

ALSO READ: Tanzanian foreign minister embarks on multisectoral visit to
Rwanda

 

Makamba, who is in Rwanda for a four-day working visit, said Tanzania would
"continue to make it easier for Rwanda to use the port of Dar es Salam for
its international trade."

 

About 80 per cent of Rwanda's cargo imports pass through Dar es Salam port.

 

Makamba said Tanzania would improve the construction of its road network,
especially the 92 kilometres of highway from Rusabunga to Rusumo, to
facilitate the transport of goods between the two countries.

 

 

He noted that the issue of non-harmonised levies that was raised by Rwandan
and Tanzanian truckers was being looked into.

 

He urged the Rwandan private sector to utilise plots of land offered to
Rwanda in Kwala and Isaka.

 

"We take this responsibility very seriously that the transport corridor from
Dar es Salam has to work for Rwanda very effectively," Makamba said.

 

ALSO READ: Rwanda, Tanzania sign four bilateral agreements

 

Rwanda, Tanzania and Burundi have collaborated on the construction of Rusumo
Hydropower plant, which is set to produce 27MW. The $340 million plant built
on the three countries' borders is nearing completion.

 

"Through this important collaboration, both Rwanda and Tanzania will
respectively add 27 megawatts to their national grid, starting later this
year," said Minister Biruta.

 

 

"Rwanda considers Tanzania as a good neighbour and a valued partner," Biruta
said, adding that the two countries share "deep historical, cultural and
linguistic ties."

 

Kiswahili was added in 2017 as the 4th official language of Rwanda.

 

"Rwanda also considers Tanzania as an important trade partner," he said.
"With direct access to the Indian Ocean, Tanzania is the place of transit of
many goods in direction and departure from Rwanda."

 

ALSO READ: Tanzanian billionaire to invest $100m in Rwandan companies

 

Biruta said: "It is our wish to continue maintaining our good neighbourly
relations through the promotion of increased trade flows, with the hope to
continue reaping the rewards of a mutually beneficial economic partnership.
Beyond stimulating our economic growth, these trade ties also strengthen the
fraternal bond linking our two nations."

 

He also noted that he discussed regional security matters among other topics
of mutual interest.

 

As he began his visit on Tuesday, Makamba went to Kigali Genocide Memorial
to honour more than 250,000 victims of the 1994 Genocide against the Tutsi
who are laid to rest there.

 

He is also expected to meet university students from various Rwandan higher
learning institutions.

 

- New Times.

 

 

 

 

Namibia: Little Done to Protect Fisheries Jobs Post-Fishrot - Opposition,
Commentators

Namibia Economic Freedom Fighters (NEFF) deputy leader Kalimbo Iipumbu says
very little has been done to safeguard jobs in the fishing sector since the
Fishrot corruption scandal left many fishermen unemployed and struggling to
make ends meet.

 

He warns that fisheries workers could face the same fate as the more than 1
000 former fisheries workers who lost their livelihoods due to corruption in
the industry.

 

"Very little has been done to safeguard the majority of our fishermen and
their families against corruption in the fishing sector," Iipumbu says.

 

 

This follows after the Institute for Public Policy Research (IPPR) on
Thursday released a report detailing the human rights impacts of the Fishrot
corruption scandal on Namibian fisheries workers.

 

Namsov Fishing Enterprises suffered the loss of over 1 000 jobs as quotas
were redirected. Allegations suggest quotas meant for the state-owned
Fishcor were transferred to Samherji in exchange for bribes.

 

Job losses continued with the police impounding the Samherji vessel,
Heinaste, in December 2019.

 

The subsequent cessation of Samherji's operations further impacted fisheries
workers who lost jobs on other vessels owned by the company.

 

"What the current Swapo administration has failed to do is to make sure that
while they attempt to restore the jobs of some of the fishermen, a
corruption scandal of the magnitude of Fishrot does not happen again,"
Iipumbu said.

 

He said the government's failure to amend the Marine Resources Act, which
granted former fisheries minister Bernhard Esau sole discretionary powers to
allocate fishing quotas, is concerning.

 

 

"He (Esau) must be laughing at his colleagues from jail because he can see
through their weak actions," Iipumbu said.

 

The IPPR study found that many of the former fishermen and fisheries workers
perceive themselves as stuck and highlighted how this situation was causing
them mental stress.

 

The IPPR has on numerous occasions called for the government to amend the
Marine Resources Act, enforcing the Access to Information Act and the
Whistleblower Protection Act, as well as joining the Extractive Industries
Transparency Initiative.

 

Political commentator Henning Melber said despite Fishrot becoming one of
the trademarks associated with Namibian governance, policymakers have for
years "annoyingly" been slow with dealing with the root causes.

 

"The (Swapo) party government has shown a worrying degree of silence in
dealing with the rot at the core of the system, from which some of its
members in key positions, if not the party itself, have benefited," Melber
said.

 

He said the opposition has been passive when it comes to pushing for closing
the loopholes that allow for corruption in the fishing sector.

 

"The deafening silence adds to the scandal," Melber said.

 

Comparing this silence to the recent uproar over a Supreme Court ruling
recognising same-sex marriages conducted abroad for residency purposes,
which led to a bill undermining the court's decision, Melber questioned the
government's focus on governance priorities.

 

"This contrast displays a dubious morality, which seems to care more about
discrimination than about the minimum social well-being of those whose
hard-earned income in support of families was sacrificed to corruption,"
Melber said.

 

Political scientist Rui Tyitende said if the Fishrot saga is pursued with
all the required financial and human resources, a significant number of the
political class will collapse.

 

He said all anti-corruption efforts are primarily rhetoric and about grand
posturing to make it look like they are doing something, while in fact doing
nothing.

 

"More often than not, anti-corruption efforts are devices to get rid of
political opponents and not to inculcate a culture of ethical behaviour.
That explains the political elites' indifference towards those whose lives
have been uprooted by this colossal political scandal," Tyitende said.

 

The IPPR is planning a further study which will detail the economic harm
caused by Fishrot.

 

- Namibian.

 

 

 

 

Angolan Parliament Discusses Illegal Mining Law

Luanda — The Draft Illegal Mining Activity, which criminalizes illicit
exploitation of mineral resources, is ready for general discussion and
voting at the next plenary meeting of the National Assembly (AN).

 

The Parliament's specialized committees related to the matter approved the
Joint Opinion Report on the document Tuesday, which defines rapid procedures
for the confiscation and appropriation in favor of the state of the
instruments and proceeds on the

 

Crime.

 

The aim of the government's legislative initiative is to discourage and
criminalize conduct that stems from the illicit exploitation of mineral
resources, which has a harmful impact on the environment, human life, public
health, the livelihoods of communities, the economy and consequent
development.

 

The Draft Law to Combat Illegal Mining Activities has a preamble and a
dispositive part, systematized into two sections, four chapters and 22
articles, comprising general provisions, crimes, fate of the good and final
provisions.

 

The proposal, which was discussed by the Council of Ministers in January,
aims to introduce a specific legal regime to combat illegal mining activity
that establishes penalties that are appropriate to the seriousness of the
criminal behavior and the results, as well as defining rapid procedures for
confiscation and appropriation. DC/VIC/DAN/AMP

 

- ANGOP.

 

 

 

 

Uganda: Africa's Renewable Energy Sector Is Shattering Gender Norms

Africa's fast-evolving renewable energy landscape is catalysing a shift in
gender dynamics, with more women seizing employment opportunities than in
the traditional energy sector, according to a new report.

 

According to the report, "more women are assuming positions as business
creators, energy producers, distributors, and service providers,"
challenging longstanding gender norms prevalent in the energy industry.

 

The report, "Empowering Women in Clean Energy: Advancing and Retaining an
Equitable Workforce", by The Global Energy Alliance for People and Planet
draws insights from over 150 female professionals employed at different
levels in the renewable energy sector.

 

 

Traditionally, the energy sector has been male-dominated, with women
representing a mere 16% of its workforce globally, despite constituting 39%
of the labour force, according to the IEA. However, in the renewable energy
realm, the tide is turning rapidly, with more women assuming roles ranging
from entry-level positions to leadership roles, challenging entrenched
gender norms.

 

"A powerful transformation is underway in the African clean energy sector,
as companies are making explicit efforts to hire and retain women at every
level," Makena Ireri, the Director of Demand Jobs and Livelihoods at GEAPP,
explains.

 

According to Ireri, this shift is especially significant because "women
experience the greatest repercussions of climate change, which amplifies
existing gender inequalities."

 

>From e-mobility companies to off-grid solar solution companies to leading
clean energy transition funds, women are proving to be vital drivers of the
clean energy transition both at the country level and continentally.

 

 

In South Africa, for instance, the Dorper Wind Farm is a prime example of
successful women-led ventures in the clean energy sector. Spearheaded by CEO
Mamosa May, the 100 MW wind farm is located in the Eastern Cape. There are
plans to ramp up generation at the farm to 500 MW of wind power, an
achievement that could make it one of the largest wind farms in Africa.

 

Besides, Rekik Bekele, an Ethiopian woman leader who is the CEO and founder
of Green Scene Energy, is also another shining example of women leaders in
the renewable energy sector.

 

Green Scene Energy facilitates farmers' access to affordable, high quality
off-grid solar power. According to their website, they have recently
launched a pay-as-you-go scheme partnering with Ethio Telecom.

 

Such ambitious developments are critical for energy thirst markets such as
Ethiopia, where electrification rates are less than 60% and close to 60
million people live without access to electricity, according to Energypedia.

 

 

Bekele was listed among the 25 Under 40 Energy Women Rising Stars of 2023 by
the Africa Energy Chamber.

 

Besides, a rising number of women-centered initiatives are offering clean
energy solutions, prioritizing female involvement and generating employment
opportunities, particularly in lower-level roles.

 

Solar Sister is one such initiative that recruits, trains and supports women
entrepreneurs in rural communities to build businesses that bring solar
energy solutions to their communities.

 

Successful enterprises sell off-grid solar equipment directly to people
without power, consequently earning income. According to its website, more
than 10,000 successful enterprises have been established by this initiative
in Nigeria and Tanzania, its primary markets.

 

Additionally, M-Kopa, one of the largest PAYG solar service companies in
Africa, highlights in its 2023 impact report that 43% of its sales agents
across Kenya, Uganda, Nigeria, Ghana and South Africa are women.

 

More women are expected to be employed in the clean energy sector in the
future, with more companies integrating a range of initiatives that promise
to upscale their involvement.

 

The GEAPP report highlights that companies are adopting more inclusive
practices such as flexible working hours, implementing safety measures, and
hiring women into traditionally male-dominated roles.

 

"This is due to increased donor interest, the coalescing around gender
criteria for investments, and a growing understanding that a more diverse
workforce results in improved business outcomes for companies," the authors
of the report explain.

 

Past inequalities go beyond representation, extending to gaps in wages and
earnings. The IEA highlights that in the traditional energy sector set up,
the wages of female employees were almost 20% lower than for male employees.

 

However, according to GEAPP, the earnings of women in the renewable energy
sector, especially those in leadership roles, are also improving.

 

"Women's earnings average 95% of men's earnings for similar roles and jobs
in the sector," the report highlights.

 

A 2023 report by the International Renewable Energy Agency (IRENA) projects
that accelerating the energy transition can add 40 million jobs in the
energy sector by 2050.

 

Notably, closing the gender gap in employment could significantly increase
GDP and enhance productivity and competitiveness in Africa.

 

The McKinsey Global Institute has found that if women were to participate in
the economy at the same rate as men, their contributions could add as much
as USD 28 trillion globally.

 

- Independent (Kampala).

 

 

 

 

Nigeria: Minimum Wage - Nobody Can Earn Less Than N100K and Survive in
Nigeria - Caucus Leader, Chinda

House of Representatives opposition caucus leader, Rep Kingsley Ogundu
Chinda has adduced reasons why 42 lawmakers endorsed a motion seeking a
living wage for Nigerian workers.

 

The Rivers State-born lawmaker alongside 41 lawmakers across the 36 states
of the federation and Abuja had last week tabled the timely motion on living
wage at plenary.

 

Speaking at a sideline on the motion, Chinda said:" No lawmaker today in
Nigeria is happy about the situation in the country. That's why we're
pushing for a living wage for all Nigerian workers. The take-home pay can
not take the worker home. We are very disturbed by the turn of events.

 

 

Chinda said: "The rising inflationary rate in the country has had a negative
effect on the cost of living with the galloping inflation that cuts across
all facets of life.

 

"As captured in the motion, Trade Economics in 2018 reported the living wage
for an individual Nigerian and a Nigerian family to N43,200 per month and
N137,600/respectively but this is pre-subsidy removal.

 

"Presently, no labourer can live in Nigeria with a wage less than N100,000
monthly.

 

"Also, according to the World Bank report, low purchasing in the country
occasioned by high inflationary rate has led to an increase in poverty
across the country.

 

"But Nigerians should be rest assured that the resolutions reached by the
HoR has been activated and the ad hoc committee will transmit the outcome to
Senate for speedy concurrence.

 

"As representatives of Nigerians, we are very disturbed, and we are not
going to rest on our oars until there's a permanent solution.

 

- Vanguard.

 

 

 

 

Kenya: Export Authority Picks New CEO

Nairobi — Richard Ipero Omelu has been appointed as the new Chief Executive
Officer (CEO) of the Export Processing Zones Authority (EPZA), succeeding
Aden Hussein, who had been serving in an acting capacity.

 

Omelu's appointment comes after he emerged as the top candidate from
interviews conducted for the position.

 

He will report to the Board of Directors and will be responsible for
providing effective strategic leadership by guiding the operations of the
Authority on a day-to-day basis as well as implementing activities in
accordance with the law, government regulations, and the guidance provided
by the Board from time to time.

 

 

His term begins immediately and will last for a renewable five-year period,
contingent on his performance.

 

Omelu brings with him a wealth of experience from both the private and
public sectors, having previously served as the Director of Strategy,
Planning, and MSE Coordination at the Micro and Small Enterprises Authority
within the Ministry of Cooperatives and Micro, Small, and Medium Enterprises
Development.

 

He holds a Master's Degree in Business Administration Strategic Management
and a Bachelor of Arts Degree in Commerce.

 

Additionally, Omelu is a member of the Institute of Risk Management and has
played a key role in developing and implementing strategic plans, resource
mobilization, corporate performance, and risk management frameworks for
various organizations.

 

The EPZA Board expresses confidence in Omelu's ability to lead the Authority
to even greater achievements, and they extend their warm welcome and best
wishes for success in his new role.

 

- Capital FM.

 

 

 

 

Tanzania Banks On Public, Private Investment for Growth

TANZANIA'S Gross Domestic Product (GDP) is projected to grow by 0.2
percentage points to 5.4 per cent in the 2024/2025 financial year.

 

The growth is anticipated to be driven by public and private investment,
reforms to improve business conditions, favorable weather, and a rebound in
tourism, among other factors.

 

The Minister for Planning and Investment, Prof Kitila Mkumbo, said the
growth from 5.2 per cent last year was planned considering ten key areas
mostly proposed by members of parliament during the last November session.

 

"The continued existence of peace, security, and stability within the
country, in neighboring countries, and globally," Prof Mkumbo said on Monday
when presenting the National Development Plan for 2024/25 in Dodoma.

 

 

Also, the strengthening of the world economy and price stability in
financial and commodity markets is expected to support the projected growth
further.

 

Other areas include improving food sufficiency in the country and
withstanding the effects of climate change and natural and non-natural
disasters such as drought, war, epidemics, and floods.

 

"We have to have discipline in the use of public funds and discipline in
implementing the things we planned," the Planning Minister said.

 

The government will also continue to improve the business and investment
environment, especially for businessmen and local investors. The government
also aims to control the rate of inflation and ensure that it remains in a
single-digit average of between 3.0 per cent and 7.0 per cent in the medium
term.

 

 

Besides, the government eyes pushing the internal revenue to reach 15.7 per
cent of GDP in 2024/25 compared to the expectation of 15.3 per cent in
2023/24 and tax revenue to reach 12.8 per cent of GDP from the expectation
of 12.5 per cent in 2023/24. Last year, the financial sector grew faster
than any other sector by 16 per cent, followed by mining and quarrying at
10.2 per cent.

 

Other sectors included electricity at 10 per cent, arts and entertainment at
10 per cent, accommodation and food at 8.9 per cent, and information and
communication at 7.9 per cent.

 

In addition, last year, agriculture contributed significantly to GDP growth
by 24.8 per cent, followed by construction at 13.6 per cent, mining and
quarrying at 9.7 per cent, trade and maintenance at 8.4 per cent,
transportation and storage of cargo at 7.2 per cent, and industry at 6.9 per
cent.

 

The goal of the National Development Plan is to continue stimulating the
growth rate of the economy in an inclusive manner, reducing poverty, and
bringing prosperity to all," Prof Mkumbo said, adding: The plan for the next
fiscal year is also to generate mass employment while stimulating
value-added exports.

 

To attain the 2024/25 target, the focus will be on increasing the
productivity of production and value addition of crops in the sectors of
agriculture, livestock keeping, fishing, forestry, and mining.

 

Equally, the concentration will be on stimulating and improving the quality
of education and training at all levels; increasing and strengthening the
use of technology, especially ICT, while increasing industrial production.

 

The implementation of the National Development Plan for 2024/25 will go hand
in hand with the process of writing a new national development vision. The
current vision comes to an end next year.

 

- Daily News.

 

 

 

 

Kenya: Senate Team Assures Sugar Bill 2022 to Be Fast-Tracked

Kisumu — The Senate Standing Committee on Agriculture has assured cane
farmers of their commitment to fast-track the passing of Sugar Bill 2022 to
resuscitate the ailing industry.

 

The Committee Chairman Senator James Murango says President William Ruto is
keen to assent to the Bill noting that the Senate is doing everything within
its powers to hasten the process.

 

"I want to confirm to you, once we finish this public participation, within
2 weeks, we shall have passed this Bill and sent it to the President to
assent to it," he said.

 

Farmers who spoke during a public participation on the Bill on Monday at
Chemelil Sugar Company emphasized on the need to include a clause on zoning
to prevent millers from harvesting cane they did not develop.

 

 

Caleb Ochieng, a representative of the Kenya National Federation of
Sugarcane Farmers says the Bill has good fortunes for farmers and should be
supported.

 

Ochieng says the Bill is coming up with a raft of measures aimed at
revitalizing the industry and modernizing the machines.

 

"Once the Bill is assented into law, we are going to see a lot of changes in
our factories, why then should we have a free market for cane, we need
zoning to confine millers into their jurisdictions," he said.

 

The public participation brought cane farmers from Kisumu, Nandi and Kericho
counties who unanimously supported the proposal to have sugar-belts
delineated into zones and clusters.

 

The farmers argued that the move will provide for a pragmatic management of
their affairs.

 

 

Chemelil Sugar Factory acting Management Director Jacqueline Kotonya
reiterated her full support for zoning noting that within the Nyando
sugar-belt, the existing factories have sufficient cane to serve them to
full capacity.

 

"I am supporting zoning, we have around 6 millers in this zone, we will
harvest cane within us and there is enough for all of us," she said.

 

Among other proposals, the Sugar Bill 2022 is seeking to establish a sugar
board to solely manage sugar affairs in the country as opposed to
generalizing the sugar sub sector under Agriculture and Food Authority
(AFA).

 

The farmers have told the Senate Committee to borrow heavily from the report
prepared by former Kakamega Governor Wycliffe Oparanya and former
agriculture cabinet secretary Mwangi Kinjuri in 2019.

 

The Bill is also proposing the establishment of a Sugar Arbitration Tribunal
for the purpose of arbitrating disputes and will be headed by a person
qualified to be a High Court Judge.

 

It also has the component of the establishment of Kenya Sugar Research
Training Institute to regulate research work in the sector.

 

The committee chair promised to ensure all the views expressed by the
farmers are put into consideration.

 

- Capital FM.

 

 

 

 

AI: Google restricts Gemini chatbot election answers

Google has confirmed it is restricting the types of election-related
questions users can ask its Artificial Intelligence (AI) chatbot Gemini.

 

In a blog post, it said the policy had been rolled out in India, which will
hold elections starting in April.

 

It comes as the firm aims to avoid more controversy over AI technology.

 

Gemini is essentially Google's version of the viral chatbot ChatGPT. It can
answer questions in text form, and it can also generate pictures.

 

A spokesperson for Google told the BBC that the latest move was part of
plans announced last year around its approach to elections.

 

"As we shared last December, in preparation for the many elections happening
around the world in 2024 and out of an abundance of caution, we're
restricting the types of election-related queries for which Gemini will
return responses," they said.

 

Elections are due to be held in countries around the world this year
including the US, UK and South Africa.-BBC

 

 

 

 

US inflation edges up as Fed debates interest rate cuts

The inflation rate in the US picked up in February, as prices for petrol and
housing pushed higher.

 

The annual rate, which measures the pace of price increases, was 3.2% in
February, up from 3.1% in January, the Labor Department said.

 

Airfare, car insurance and clothing were among the items driving the
increase over the month.

 

Grocery prices, which have jumped in recent years, fuelling public
discontent, were unchanged.

 

The monthly report comes during a critical presidential election year and as
the US central bank, the Federal Reserve, is debating the next step in its
fight to rein in prices.

 

Inflation has slowed significantly since the Fed started hiking borrowing
costs sharply in 2022 and the bank is expected to start reversing course and
cutting interest rates sometime this year.

 

But calls for the first cut to come as soon as March have been revised as
recent inflation readings show progress stalling, with many now expecting
its first move in June or later.

 

Analysts said the figures were affected by seasonal price adjustments tied
to the start of the year, but that the overall report was likely to
reinforce the Fed's determination to remain cautious.

 

"This print is just about enough to keep rate cut expectations for June
stable - but another print like this next month would push the first cut
into the second half of the year, putting the soft landing narrative in
question," said Seema Shah, chief global strategist at Principal Asset
Management.

 

The US economy has so far held up better than expected in the face of
inflation and higher borrowing costs, but persistent price rises have
hampered President Joe Biden's ability to sell his policies to voters and
could pose risks to the economy in the months ahead.

 

The Labor Department said petrol prices rose by 3.8% between January and
February, while airline fares rose 3.6%.

 

Grocery prices showed little change over the month, as higher prices for
items such as cereal, bread and eggs were offset by lower meat and fresh
fruit costs.

 

Overall, grocery prices were 1% higher than a year earlier.

 

Housing costs rose 0.4% over the month and 5.7% from February 2023.

 

Housing plays a major role in US inflation calculations, amounting to
roughly a third of the consumer price index.

 

The department's inflation measure takes into account both rental rates and
"owners' equivalent" rent, an estimate of what a homeowner would have to pay
to rent their own property.

 

If housing costs are excluded, the inflation rate in the US is far lower
than the official rate - with prices up about 1.8% compared with February
2023.

 

Joe Brusuelas, chief economist at consultancy firm RSM, who last year had
predicted that housing costs would remain an inflation driver, said he now
saw that changing in the months ahead.

 

"If you're looking at the US from externally, you should be able to begin to
make some judgment that the US is rapidly approaching the point at which we
can say we've obtained price stability," he said.

 

The latest report, Mr Brusuelas said, suggested "a lot of noise and not the
development of a new trend".

 

But he added, "We're not quite there yet to the point where the Fed's ready
to declare the all-clear".-BBC

 

 

 

 

Why firms are bringing their manufacturing back home

Chris Ball and Ian Whateley sit around a large office table and talk about
how much they are benefiting from UK firms reshoring.

 

Reshoring is when a company decides to stop getting its manufacturing done
overseas, such as in China, and instead returns the work to its home
country.

 

Mr Ball and Mr Whateley are the bosses of Shropshire-based Advanced Chemical
Etching (Ace), which makes precision metal components for customers in the
aerospace, automotive, electronics and telecoms sectors.

 

They say that Ace's order book is greatly improving as its clients
increasingly bring manufacturing work back to the UK. "We recently had a
£800,000 boost in orders, with probably in the region of about £250,000 to
£350,000 of that from reshoring," says Mr Ball. "And there's a lot of stuff
that is just at the quotation stage too."

 

We have all heard of offshoring, which started as a major economic movement
in the 1990's, when companies started to relocate their manufacturing
abroad. They more often went to China, where incentives from the Chinese
government were generous, and the workers were cheap.

 

 

The result was a Chinese manufacturing boom, and a long supply chain from
Europe and the US to China and beyond.

 

Sam Bagnall A worker at Ace's factory in TelfordSam Bagnall

Studies show that more firms in the West are reshoring

But now the West is fighting back, with an increasing trend towards
reshoring. More than half of UK manufacturers are now reshoring, according
to one study at the start of this year.

 

Other firms are "near shoring", which means that while they are still
getting their manufacturing done overseas, they are moving it to a nearer
country.

 

And then there is so-called "friend shoring", whereby you keep your
manufacturing abroad, but move it to a country that has friendlier
relationships with your own. Apple is said to be doing this, as it
increasingly moves production from China to India.

 

 

The motives for this shift are complex and varied, but break down into three
main groups - economics, risk and politics.

 

The big attraction of offshoring in the first place was that it was cheaper
and therefore more profitable to make things in places like China or
Indonesia, not least because the labour there was much cheaper. But several
factors have worked to reduce those benefits

 

Firstly, wages have risen in such countries, while new technology means that
Western factories need fewer staff, and are therefore cheaper.

 

Also, the increasing speed of product development is fuelling this trend.
Phones, TVs, games terminals, pretty much everything is being improved,
changed, and updated all the time.

 

It is far easier to do that in a capital-intensive factory in Birmingham or
Baltimore, than one in Beijing, as Prof Dennis Novy an expert in trade
economics at Warwick University explains.

 

 

"Production runs are becoming much shorter, products are changing much more
rapidly, and actually having access to the manufacturers and the suppliers
in a local area makes you much more flexible and that is actually a factor
behind this," he says.

 

Then there is the "Amazon factor" - increasingly we all demand our new
products tomorrow, at the latest. If they are made close by that is easy, if
they are made on the other side of the world there are obviously delays, or
the company has to hold large stocks of goods in case of orders which have
to be filled immediately.

 

Stocks which are costly to hold and will be out of date the second the
product is updated.

 

Then there is the risk factor, as Covid showed us the supply chains that we
in the West all depend on are very long, stretched and vulnerable. It was a
wakeup call for the West, is it safe to be reliant for many essential on
factories on the other side of the world, shipped over huge distances?

 

The recent attacks on shipping in the Red Sea and the water shortage crisis
that is massively reducing shipping through the Panama Canal have also shown
that there are pinch points on supply chains routes that are very risky and
unreliable.

 

 

Reduced water levels in the Panama Canal have limited the number of ships
that can pass through it

In short, you do not get Houthi attacks in the English Channel, or between
Mexico and the US, although Prof Novy thinks these concerns have been
overplayed. "Ultimately this is not the first time that the Red Sea has been
in the news. There have been similar disruptions elsewhere
 but I don't see
this being a major headache."

 

Finally, there is the politics, in the US and Europe leaders have been
encouraging the return of manufacturing. It is not just the patriotic thing
to do, western governments have become increasingly aware that they are
becoming dependent on potential enemy nations for their cutting-edge
technology and supplies.

 

In America Presidents Biden and Trump have tried to address this issue,
President Trump with tariffs, and President Biden with financial incentives.
Mr Biden has been throwing hundreds of billions of dollars at making
American industry make things in the US, especially microchips via the 2022
Chips Act. This pledged $52bn (£41bn) to boost domestic production of
computer chips.

 

The Biden administration is also giving $15.5bn to the US electric car
sector.

 

 

Lisa Anderson, head of US management consultancy LMA Consulting Group, is a
supply chain expert. She says that the Chips Act "has spurred on certainly
quite a bit of investment" in that sector.

 

Regarding the US manufacturing sector as a whole, in 2022 reshoring and
foreign direct investment announcements hit their highest rate on record.

 

That is according to the business group that monitors this development, the
Reshoring Institute. It says that record highs continued in the first half
of last year, with 300,000 new jobs likely created for 2023 as a whole.

 

And it is not just American workers who are benefitting from US firms
bringing manufacturing closer to home. Mexico is also booming, says Ms
Anderson, who points out that America's southern neighbour now exports more
goods to the US than China.

 

Mexico exported $475.6bn of goods to the US last year, up 5% from 2022,
according to official US figures. Meanwhile the US imported a total of
$427.2bn from China, a 20% decrease.

 

 

Mexico has all the advantages these days - cheap labour, ease and speed of
access to the American market, and it is a friendly neighbour of the US
inside a free-trade zone. The classic example of both friend and near
shoring.

 

But the town of Telford in Shropshire is also doing well. Ace's Mr Ball says
the firm is due to be visited by a an aerospace company, "and they're
looking at bringing stuff in from other areas of the world".

 

Re-shoring is obviously on a roll.-BBC

 

 

 

 

EVs were once luxury vehicles. Now, they're for every driver

Only a few years ago, electric vehicles were the domain of the wealthy. As
prices fall, and more average drivers adopt them, they're no longer
synonymous with status.

 

When the Roadster first rolled off Tesla's California assembly line in 2008,
it was an instant sensation.

 

With a top speed of 130 miles per hour, zero-to-60 acceleration in four
seconds and a sleek body, the two-seater electric vehicle embodied the
luxury of a Mercedes, Porsche or Jaguar. In a Time magazine review, the
Roadster was described as "a hot sports car that also doubled as a statement
against pollution".

 

"Before Tesla, most people's experiences with an EV would be a golf cart or
something," says Jeremy Micalek, professor of engineering and public policy
at Carnegie Mellon University, US. "There was a sense of it being a small,
slow vehicle where you have to compromise a lot." But Tesla's cars changed
North Americans' perceptions of the EV market. Instead of that compromise,
it became a status symbol. Its price was also a statement, with Roadster
models starting at $98,950 (£77,375) – leaving it to the domain of the
wealthy.

 

Tesla may have elevated the perception of EV through splashy, luxury
vehicles – but today, many North American drivers hungry to adopt EVs amid a
growing market aren't looking for a status symbol. They're looking for a
deal. Automakers are answering the call: they've brought electric cars to
market that prioritise affordably over luxury, knocking the EV off its
pedestal.

 

 

At first, largely for the elite

Although it was always meant to signal status, Tesla's nearly six-figure
Roadster wasn't necessarily priced to be deliberately out of reach for the
large majority of drivers. James Carter, principal consultant at
Canada-based electric vehicle consultancy Vision Mobility, says the price of
the car was to cover the costs of EV technology – which was quite high more
than a decade ago.

 

The company did introduce slightly lower-priced models; the Model S, a
five-door sedan, first produced in 2012, had a base price of $60,890
(£47,615). Still, its cost left it squarely out of reach for most consumers,
who paid roughly $25,000 (£19,550) on average for a new car at the time. 

 

EVs were also difficult to charge at the beginning, and had far lower ranges
compared to today. The first wave of sales went to wealthy early adopters,
says Micalek, who were willing to take a leap of faith on new automobile
technology and had the money to keep an internal combustion engine car
around for long trips.

 

But even though Tesla dominated the market share and became synonymous with
EVs, something else was happening in the background: other automakers were
pushing back on the idea of EV as a status symbol, instead striving to bring
the average driver an accessible option that would lead to higher adoption
rates. 

 

 

The Nissan Leaf – an all-electric subcompact car that first hit showrooms in
2010 – actually beat the Tesla into the North American market. While it
didn't take off with quite the same panache or grab the same market share as
Tesla, it hinted at the EV's future as an accessible car: "Leaf" was an
acronym for "Leading Environmentally friendly Affordable Family". It still
wasn’t cheap at $32,780 (£25,638) – but it began to enable non-luxury
drivers to access EVs. Today, as EV technology becomes cheaper and cheaper,
companies are increasingly focused on rolling out EVs at competitive price
points.

 

The new EVs on the block

The trend of price-over-status EVs hitting the market is not only
continuing, but spiking, especially as production costs come down. There are
still plenty of high-priced, luxury-focused EVs on the market: Tesla retains
its focus on serving the high-end consumer, for instance; and GMC's
six-figure Hummer made a splash in 2021. Yet these EVs find themselves
increasingly in the minority.

 

The first wave of sales went to wealthy early adopters, who were willing to
take a leap of faith on new automobile technology and had the money to keep
an internal combustion engine car around for long trips

 

"When you look at the price evolution over the last seven years, you can see
the cost of the batteries has come down significantly," says Werner
Antweiler, chair of international trade policy at the University of British
Columbia's Sauder School of Business, Canada. Batteries still aren't at what
Antweiler calls "price parity" with ICE engines, but they're getting closer
than they were before, enabling automakers to lower prices for eager
consumers.

 

Governments in Europe and North America are also trying to nudge drivers
towards EVs with cost incentives, often in the form of rebates. The US
federal government, for instance, offers a base tax credit up to $7,500
(£5,865) for a new electric or plug-in hybrid, with some states and even
local jurisdictions offering subsidies on top of that. Some countries,
including Canada, have even announced phase-outs of gasoline-powered cars
over the next decade or so.

 

Programmes like these, which aim to bring more EVs on the road for the
average driver, are eroding the idea of EVs as the domain of the elite.

 

A Chinese EV shake-up?

Another major shift in the EV market may deliver the blow that fully knocks
EVs from their pedestal. Chinese EV manufacturers are gearing up to enter
this new market – with prices that simply can't be beat.

 

Getty Images Chinese automaker BYD has introduced low-priced EVs that could
usher in a turning point for mass adoption should they make it to North
America (Credit: Getty Images)Getty Images

Chinese automaker BYD has introduced low-priced EVs that could usher in a
turning point for mass adoption should they make it to North America
(Credit: Getty Images)

 

As Teslas were hitting the road in the US, Chinese company BYD started in
the mid-1990s manufacturing cell phone batteries, eventually supplying the
likes of Nokia and Motorola. In 2005, it launched its first EV, the F3
subcompact, at a shockingly low price for any North American cars: the
equivalent of about $10,000 (£7,818). The F3 was everything the Tesla
Roadster was not: small, lightweight, no-frills and cheap. China does have
luxury EV manufacturers, which sell EVs with substantially higher price
tags; and BYD also has plans to make high-end models. But what's largely on
the market is highly affordable. 

 

In China, this widespread affordability has enabled EVs to mainstream – and
feel like any other car on the road. Simply, in the Chinese market, owning
an EV simply isn't all that special, says Helveston. "There are many major
cities where one in five cars that you might see on the road are electric.
This is just normal," he says.

 

Part of the reason why EVs have become so commonplace, however, doesn't just
come down to consumer preferences. Local authorities, in an attempt to curb
China's pollution problem, have put policies in place to encourage drivers
to go EV. In Beijing, for example, drivers can only get a licence plate by
lottery, and the total number of licence plates awarded each month is
capped. But Helveston says there's a separate lottery, with far better odds,
for EVs specifically.

 

With such low prices – and a good charging infrastructure that the US is
trying to match through both public and private initiatives – these
attitudes on EVs may serve as a harbinger for a shifting perspective in
North America. The hope for automakers is EV will become just another car –
especially as extremely low-priced Chinese EVs make their way across the
ocean.

 

By 2030, people without much money who can stretch themselves for a new car
will only be buying EV – James Carter

 

Eventually, EVs for everyone 

Alongside the lower-cost EVs other automakers are introducing, Chinese EVs
could represent a tipping point. Yet experts caution models by BYD and other
Chinese EV manufacturers may not hit the market immediately.

 

While the Chinese firm started selling some of its models in Mexico last
year, and currently produces them in Europe, Helveston says North America
will be a tough market to penetrate. The US currently charges a 25% tariff
on Chinese EV imports, which eats into the signature selling feature of
these cars: affordability. US President Joe Biden also recently announced an
investigation into the sale of Chinese EVs in the US on "national security"
grounds, while Energy Secretary Jennifer Granholm said she is worried about
China's ability to flood the US market.

 

"There are plenty of barriers here that are going to make it really hard,"
says Helveston. "Either they're going to have to import the cars, which is
going to make them too expensive, or they're going to have to set up shop
here, which is going to be really hard to do." 

 

Ultimately, sales are going up and prices are going down – which means EVs
no longer carry the cachet they once did. As the cost of batteries drops,
automakers are getting close to the point where their EV offerings match
their petrol-guzzlers. There will still be a market for luxury EVs, just
like there is a market for luxury ICE vehicles. Yet they will be the
exception, not the norm.

 

Carter is confident EVs will eventually get to a critical mass. Petrol isn't
getting any cheaper, and electrification policies will ensure that owning an
EV is simply the most affordable option. "By 2030," he says, "people without
much money who can stretch themselves for a new car will only be buying
EV."-BBC

 

 

 

 

Banana prices to go up as temperatures rise, says expert

Bananas are set to get more expensive as climate change hits a much-loved
fruit, one of the world's top experts from the industry tells BBC News.

 

Pascal Liu, senior economist at the UN's Food and Agriculture Organisation,
says climate impacts pose an "enormous threat" to supply, compounding the
impacts of fast-spreading diseases.

 

The World Banana Forum meets in Rome on Tuesday to discuss the challenges.

 

Some UK shops recently experienced banana shortages due to sea storms.

In its natural yellow wrapper, the nutritious and tasty banana is the
world's most exported fruit.

 

The UK alone imports around 5 billion bananas ever year, with around 90%
sold through the major supermarkets.

 

Last week saw shortages of bananas in several UK supermarkets, which
retailers said were down to storms at sea, delaying supplies.

 

Most consumers won't have noticed, according to Prof Dan Bebber from the
University of Exeter, who has studied efforts to make bananas more
sustainable.

 

 

"The supply chain fluctuates but the UK is actually quite good at buffering
those types of effects," he told BBC News.

 

"Mainly, because the ripening centres can accelerate or decelerate the rate
at which they ripen the bananas when they arrive, which helps to buffer
those types of fluctuations."

 

But while banana supplies can cope with short-term weather events like this,
experts are concerned about the growing threats from a warming world, and
from the diseases that are spreading in its wake.

 

"I think climate change is really an enormous threat to the banana sector,"
said Mr Liu of the World Banana Forum, a UN umbrella group that brings
together industry stakeholders including retailers, producer countries,
exporters and research institutions.

 

As well as severe weather impacting production, bananas are sensitive to
temperature rises which could wipe out crops in some locations.

 

 

Perhaps the biggest immediate threat is the fact that rising temperatures
are helping to spread disease.

 

The one causing the most worry is Fusarium Wilt TR4, a fungal infection,
which has moved from Australia and Asia to Africa and now to South America.

 

Once a plantation is infected, it kills all the banana trees and experts say
it is extremely hard to get rid of.

 

The fungus has also mutated to threaten the Cavendish, the world's favourite
banana variety.

 

"We know that the spores of this Fusarium Wilt are extremely resistant, and
they can be spread by flooding, they can be spread by strong winds," said Mr
Liu.

 

 

"So, this type of phenomenon will disseminate the disease much faster than
if you had more normal weather patterns."

 

Producers are also facing pressures from rising costs of fertilisers, energy
and transport as well as problems in finding enough workers.

 

Taken together with the impacts of climate change on supply, prices in the
UK and elsewhere are likely to go up - and stay up.

 

"There will be some price increases, indeed," said Mr Liu. "If there's not a
major increase in supply, I project that banana prices will remain
relatively high in the coming years."

 

Among the issues that the banana industry will discuss at its gathering in
Rome is the critical question of sustainability.

 

 

Consumers are increasingly looking to buy bananas and other commodities that
are produced in a sustainable way.

 

For banana growers this means not only making their means of production
greener, but also paying independent examiners to certify that their fruit
are sustainable.

 

"These regulations are a good thing in a way because they help producers
seize the opportunity of making their production systems more sustainable,"
said Mr Liu.

 

"But of course, they also come with costs for producers because they require
more control and monitoring systems on the part of the producers and the
traders. And these costs have to trickle down to the final consumers."-BBC

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

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
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been compiled from s believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
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any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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