Major International Business Headlines Brief::: 19 March 2024

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Major International Business Headlines Brief:::  19 March 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya Set to Host Fourth Edition of Amcham Business Summit

ü  Kenya's Cost of Living to Fall Further On Lower Fuel, Food Prices, Strong
Shilling

ü  Liberia: Boakai Submits U.S.$690.2m Maiden Budget

ü  Liberia: Thousands of Liberians Jobs At Stake

ü  Africa: 76% of Africa's Energy Could Come From Renewable Sources By 2040
- Here's How

ü  Nigeria: Undersea Cable Cut - Nigerians' Data Secured - NIMC

ü  Nigeria: 'Poor People Don't Eat Eggs,' Nigerian Governor Rejects
Inclusion of Eggs in Subsidised Food Items

ü  Namibia: Prepare for Oil Opportunities - Shiimi

ü  Rwanda: KKOG Becomes First Company to Secure Cannabis Export License

ü  Nigeria: Ownership of Oil Palm Giant Presco Returns to Nigeria After
33-Year Belgian Control

ü  Japan finally raises interest rates as inflation wish comes true

ü  Evergrande: China property giant and its founder accused of $78bn fraud

ü  Nvidia: US tech giant unveils latest artificial intelligence chip

ü  Mike Lynch: Autonomy founder's fraud trial begins in US

ü  How Temu is shaking up the world of online shopping

 


 

 


Kenya Set to Host Fourth Edition of Amcham Business Summit

Kenya's capital, Nairobi, will host the fourth edition of the regional
American Chamber of Commerce Kenya (AmCham) Business Summit on April 24-25,
2024.

 

The event, a key platform for bolstering bilateral trade and investment ties
among the United States, Kenya, and East Africa, is expected to draw close
to 1,000 delegates, comprising business and government representatives from
the US and across the East African region.

 

Kenya's President William Ruto will lead a government delegation aiming to
broaden commercial opportunities and markets. The event also anticipates the
presence of several high-ranking US government officials.

 

 

The summit will precede a state visit by President Ruto to Washington DC in
May where he will discuss ways to bolster cooperation in areas including
trade and investment with his host Joe Biden.

 

Highlighting the significance of the summit, AmCham's Board President, Peter
Ngahu, stressed its role in exploring avenues for sustainable and inclusive
growth, along with enhancing investment in Kenya and the broader East
African region.

 

"As we commemorate years of mutual value and interests, the AmCham Business
Summit emerges as a beacon of opportunity. We eagerly anticipate delving
into strategies to leverage these opportunities while maintaining our
commitment to fostering investments in East Africa," said Ngahu.

 

Encouraging delegates to confirm their attendance, AmCham's CEO, Maxwell
Okello, underlined the platform's potential to unearth extensive trade and
investment prospects, fostering economic advancement and prosperity across
the region.

 

 

"The summit offers an invaluable forum to explore the expansive trade and
investment horizons that lie ahead, thereby driving economic growth and
prosperity throughout our region. We are excited to assemble the business
community to map out a trajectory toward enhanced cooperation in pivotal
areas such as trade, investment, technology, sustainability, healthcare, and
economic growth, all the while cultivating meaningful partnerships between
businesses and nations," he said.

 

The summit agenda will encompass a diverse array of topics crucial to the
region's economic progress, including discussions on shaping the future of
US-East Africa trade and investment, climate action, digital transformation,
and sustainable finance for East African economies.

 

According to the East Africa Economic Outlook by the African Development
Bank, East African economies are poised to exhibit the highest regional
economic performance on the continent, with growth projections exceeding
five percent.

 

However, despite this anticipated growth, East African economies confront
persistent challenges to trade and investment, including issues such as
illicit trade, counterfeiting, currency fluctuations, and inflation, which
hinder the region's business environment.

 

In 2022, the United States emerged as Kenya's primary export market, with
approximately $890 million worth of goods exported to the US Similarly,
America exported goods valued at around $600 million to Kenya, reflecting a
relatively balanced trade relationship.

 

- Business Day Africa.

 

 

 

Kenya's Cost of Living to Fall Further On Lower Fuel, Food Prices, Strong
Shilling

Kenya is poised for a sustained decline in inflation, propelled by a
consecutive three-month downturn in fuel and food prices alongside a robust
shilling, offering respite to consumers grappling with a soaring cost of
living.

 

The dip in fuel costs coincides with a notable decrease in other
commodities, mainly food, over recent months.

 

For instance, Kenya's staple meal, a two-kilo packet of flour, has plummeted
from a peak of Ksh230 to an average of Ksh140, with sugar seeing a decline
from Ksh430 to Ksh390 for the same quantity.

 

Given the significant portion of the inflation basket that food represents,
these developments hold substantial sway in shaping the overall cost of
living in the nation.

 

 

The Energy and Petroleum Regulatory Authority effected reductions in the
price of super petrol by Ksh7.21, diesel by Ksh5.09, and kerosene by
Ksh4.49.

 

In Nairobi, a litre of super petrol will now fetch Ksh199.15, diesel
Ksh190.38 per litre, and kerosene Ksh188.74 per litre.

 

Data from the Kenya National Bureau of Statistics (KNBS) on consumer retail
prices reveals a downtrend in inflation to a 23-month low of 6.3 percent in
February from 6.9 percent a month earlier, mirroring the downward trajectory
of food prices.

 

"The overall year-on-year inflation rate as measured by the Consumer Price
Index was 6.3 percent, in February 2024," stated KNBS.

 

Further relief in the high cost of living is anticipated with the
strengthening of the shilling, currently trading at 136 against the dollar,
down from a previous high of Ksh160. This implies reduced expenses for
consumers on imports, as goods are expected to become more affordable.

 

 

The decreasing fuel costs are expected to have a ripple effect, with
manufacturers, power producers, and service providers anticipated to
integrate these cost savings, thus contributing to the ongoing inflation
downturn.

 

The reduction in fuel expenses is projected to extend to the electricity
sector, with bills expected to align with the decreased fuel costs, thereby
impacting the fuel cost charge, which holds a substantial share in
electricity billing.

 

The persistent challenge of the high cost of living has been a focal point
for President William Ruto's government, contending with public
dissatisfaction and demonstrations, witnessed last year led by the
opposition.

 

- Business Day Africa.

 

 

 

 

Liberia: Boakai Submits U.S.$690.2m Maiden Budget

President Joseph N. Boakai has presented his government's maiden national
budget for the year 2024, amounting to US$690.2 million, for consideration
by the House of Representatives. The budget submission was made by the
Ministry of Finance and Development Planning, led by Finance Minister Boima
S. Kamara, Deputy Minister Anthony Myers, and Deputy Minister Tanneh G.
Brunson. The budget highlights a reliance on domestic revenue, with a small
portion coming from external sources.

 

On behalf of the President, the Finance Ministry officials on Thursday,
March 14 submitted the budget to the House of Representatives in accordance
with the 2009 Public Finance Management Law.

 

The budget, the first for the new Unity Party administration, marks a
crucial step in the fiscal planning and governance of the nation.

 

Deputy Minister Myers said during the submission that 93% of the budget will
be based on domestic revenue while about seven 7% will be external sources.

 

 

Meanwhile, Deputy Minister Brunson noted that compensation has been reduced
from US$305m to US$297.

 

Deputy Speaker Thomas Fallah accepted the budget on behalf of the House of
Representatives, which has adjourned for a constituency break until May 10.
Despite the break, the House's Committee on Ways, Means, and Finance will
review the budget thoroughly during this period.

 

This thorough review process, Fallah said, aims to ensure that each member
has the opportunity to scrutinize the budget comprehensively and consult
with their constituents effectively.

 

Many expect that the budget will align with President Boakai's vision for
the country, which is encapsulated in the acronym "ARREST" (Agriculture,
Roads, Rule of Law, Education, Sanitation, Tourism), and emphasizes key
areas for development.

 

It is, however, evident that the submission of the 2024 national budget is
overdue, as it should have been done since last December.

 

 

However, the 54th Legislature saw it prudent that the scrutiny and passage
of the budget submitted by the George Weah administration should be done by
the new government, as the transition was just a few weeks away.

 

It was against this backdrop that members of the 55th National Legislature,
specifically the House of Representatives, unanimously voted in early
January to return the 2024 National Draft Budget to the newly inducted
President for realignment on his agenda.

 

Delivering his inaugural address, President Boakai said his government would
ensure incentives for agriculture and access to appropriate technologies for
farmers, as well as improve market and trade, food storage, and processing,
among others.

 

However, the delay in submitting the budget led to government funds running
short, prompting the President to sign a spending bill to keep operations
running until the end of February 2024.

 

The top priorities in February's US$41.3 million spending bill were
compensation or salaries for government employees, which constitutes US$26
million (63%); Debt Servicing, US$5.7 million (14%); the president's 100-day
deliverables agenda, US$1,941,210 (5%); and other goods and services,
US$2,014,000 (5%).

 

The House subsequently voted unanimously -- granting the President's request
for the February spending budget, though to the annoyance of Nimba County
District 7 Representative, Musa Bility, who frowned at his colleagues for
being hasty in their decision.

 

Bility said there was no report submitted by the President as to how the
US$66M that was used by the past regime, requested by former finance
minister Samuel Tweah as required in the Public Financial Management Law,
used 1/12 of the Budget.

 

"There was no explanation as to why there is no budget by now. There was no
explanation as to when we [are] going to have a budget," Bility said in a
Facebook live statement. "There is no explanation as to what happened to the
first US$66 million."

 

- Liberian Observer.

 

 

 

Liberia: Thousands of Liberians Jobs At Stake

Monrovia — Thousands of Liberians working in the rubber sector find their
jobs at stake amidst repeated calls for lifting Executive Order # 124, which
bans the exportation of unprocessed rubber out of the country.

 

A rough estimate of Liberians currently employed by the six rubber
processing companies operating here, including Cavalla, Firestone Liberia
(FSLB), Liberia Agriculture Company (LAC), Jeety Rubber, and Lee Group, is
20,000. Firestone has the largest number of employees, followed by LAC.

 

In separate meetings held last week with the Joint Legislative Committee on
Agriculture and government officials, including Liberia's new Justice
Minister and Attorney General Oswald Tweh and Commercial Minister Amin
Modad, the Liberia Agriculture Companies Association (LACA) comprising the
six rubber processing companies and the Rubber Planters Association of
Liberia expressed fears that the lifting of Executive Order#124 could
discourage existing processors from expanding their factories and new ones
from investing in Liberia.

 

 

LACA noted that such action would increase the cost of production ($/lb),
causing some processors to reconsider whether to close their operations.
This, in turn, would lead to redundancies, lower tax revenue, and a decrease
in GDP.

 

For example, the two biggest Technically Specified Rubber (TSR) companies,
Firestone Liberia and LAC, purchase approximately 60 percent and 30 percent
of their rubber from smallholder farmers. These operations support the
indirect employment of thousands of farm workers and transporters.

 

 

Firestone is constructing a second factory to produce Ribbed Smoked Sheet
(RSS) that will be commissioned at the end of 2025. When commissioned, the
factory will process most of the latex within its concession area.
Therefore, it would need to source additional cup-lump volumes from
smallholder farmers to maintain its current TSR factory capacity.

 

These companies are currently shipping millions of metric tons of processed
rubber annually and rely partly on cup-lump purchases from smallholder
farmers.

 

These projections could decrease should the ban be lifted. The Lee Group and
Jeety Rubber could close shop since their productions rely entirely on
purchasing raw latex from small farmers. The Jeety Rubber Factory LLC's
current export projection is 75,000 metric tons of processed rubber per
year.

 

LACA further fears that lifting the current moratorium could promote theft
and supply of farmers' cup lumps to brokers and/or exporters who do not
comply with international standards on traceability, labor rights, and
deforestation.

 

"To supply sufficient volumes of cuplumps and latex to fulfill the
processors' factory capacity requirements, Executive Order #124 must be
maintained. All the processors purchase and process rubber from Liberian
farmers, providing a steady source of income to the farmers, their workers,
and their transporters and contributing to Liberia's economic development,"
LACA said.

 

Moreover, in their meetings in the Senate Joint Committee and earlier with
Justice Minister Tweh and Commerce Minister Modad, LACA explained that
maintaining Executive Order #124 would generate more employment at all
levels across the Liberian rubber industry supply chain, add value, and
increase government revenue.

 

- New Dawn.

 

 

 

 

Africa: 76% of Africa's Energy Could Come From Renewable Sources By 2040 -
Here's How

Over half of Africa's people - about 600 million - lack access to even the
bare minimum of electricity. The tough question to answer is how access can
be extended without adding to global warming by relying on fossil fuels.

 

We - a team from Rwanda and Germany who work in the field of renewable
energy scientific modelling - set out to find the answer by building the
Renewable Power Plant Database Africa, the first on the continent. It's a
database of available open access data on hydro, wind and solar energy
sources that we've analysed.

 

The database shows that some countries, such as Nigeria and Zimbabwe, have
enough projects in the pipeline to potentially transition away from fossil
fuels by 2050. And that 76% of all electricity required on the continent
could come from renewable resources by 2040. This would happen if the
capacity of existing hydro-, solar and wind power plants were fully utilised
and if all plants currently on the drawing-board were built.

 

 

The 76% from renewables would be met by 82% hydropower, 11% solar power and
7% wind power. Hydropower has been the main renewable energy resource to
date, but declining costs for solar photovoltaics (90% decline since 2009)
and wind turbines (55%-60% decline since 2010) mean solar and wind have
potential to lead sustainable renewable energy options.

 

We conclude that combining the advantages of hydropower with wind and solar
would be a more sustainable alternative to hydropower alone. And that hybrid
solutions would be the best option.

 

But none of this can happen unless countries are willing to get into
transnational electricity sharing arrangements. In addition, providing
openly accessible and location specific data is fundamental for the
development of an integrated sustainable renewable energy mix.

 

What the data says

 

 

We compiled the publicly available records of 1,074 hydropower, 1,128 solar
and 276 wind power plants into one database. These were both existing and
planned plants. We included the location of each proposed plant for all
African countries.

 

We then integrated the data into a harmonised and updated database. This is
the first comprehensive overview of renewable energy plants in Africa that
includes their geographic coordinates, construction status and capacity (in
megawatts).

 

This database shows that some countries have enough projects in the pipeline
to potentially transition away from fossil fuels.

 

Hydropower is used by Eswatini, Angola, Djibouti, Gambia, Cameroon,
Tanzania, Lesotho and the Democratic Republic of Congo as a major or main
source of renewable electricity.

 

Other countries, including Egypt, South Africa, Algeria, Libya, Cape Verde,
Morocco and Tunisia, are lagging behind in renewable energy development.
These countries are highly electrified and their economies depend strongly
on fossil fuels.

 

 

We found that hydropower could more than double to 132GW. This would happen
if those plants that have already had feasibility studies carried out were
built. The Aswan High Dam has an installed capacity of 2.1GW and generates
most of Egypt's energy. So 132GW would be enough to provide power for
several countries.

 

Read more: 'Limitless' energy: how floating solar panels near the equator
could power future population hotspots

 

However, hybrid solutions are more likely to provide reliable electricity to
a growing population in a changing climate. The cost of wind and solar power
is dropping while a recent analysis concluded that barely any hydropower
will be profitable after 2030. If hydropower is not a favourable option
under future climate change scenarios, wind and solar will be able to step
in.

 

Hybrid power plants that generate a combination of renewable energy are
another option. A promising example of this is the installation of floating
solar panels on existing reservoirs.

 

Share electricity, data and experience across borders

 

To meet the demand across Africa, we recommend the following.

 

Firstly, that there is international electricity sharing between African
countries. This is the only way to ensure a renewable electricity supply to
all countries.

 

Secondly, African leaders must also move away from economic driven
development and integrate the different interests from people involved or
affected, such as local residents, the general population, and governmental
and non-governmental organisations. In the past, the land-intensive
expansion of renewable power plants has caused conflicts with farmers,
national parks and industries.

 

Thirdly, renewable energy development must include the interests of
different people involved or affected by new energy projects, such as local
communities and the general population. In the past, the land-intensive
expansion of renewable power plants has caused conflicts with farmers,
national parks and industries.

 

Read more: Solar and wind power could break the Grand Ethiopian Renaissance
Dam deadlock

 

Fourth, governments must share experience across borders to avoid mistakes
such as damming the Nile River for hydropower. The Aswan High Dam, for
example, disturbs the transport of sediments down to the delta of the Nile,
threatening the highly biodiverse wetlands and inducing shoreline erosion,
putting humans at risk. The Great Ethopian Renaissance Dam, currently under
construction, is a recent prominent example of the need for cooperation and
river management across borders, especially when facing potential impacts of
climate change like droughts on the efficiency of the hydropower plant.

 

Fifth, we call for a general rethink on how data is managed. All data should
be shared and openly accessible across the world. Countries need to share
high-quality data, including data about their power plants. High-quality
data is key to analysing the different routes that electricity development
should take across the continent in future. Such projections are only as
good the knowledge and data they are based on.

 

African countries that follow this route will be global role models for a
renewable energy transition.

 

(Jürgen Berlekamp, Charles Kabiri, Beth A. Kaplin and Klement Tockner
co-authored the research that this article is based on.)

 

Christiane Zarfl, Professor for Environmental Systems Analysis, Faculty of
Science, University of Tübingen

 

Rebecca Peters, PhD candidate in Environmental Systems Analysis, Faculty of
Mathematics and Natural Sciences, University of Tübingen

 

This article is republished from The Conversation Africa under a Creative
Commons license. Read the original article.

 

 

 

 

Nigeria: Undersea Cable Cut - Nigerians' Data Secured - NIMC

The National Identity Management Commission (NIMC) has dismissed that its
database was compromised as a result of the undersea cable cut which
disrupted the services of banks and telecom operators in Nigeria.

 

This is contained in a statement by the Head of Corporate Communications of
NIMC, Mr Kayode Adegoke in Abuja.

 

The commission assured Nigerians of the safety and protection of their data.

 

The commission's assurance came as a response to a report from some sections
of the media concerning an alleged breach of citizens' data by a private
organization, XpressVerify.

 

 

"We express gratitude to media partners and the whistleblowers for bringing
this to our attention and wish to assure Nigerians and legal residents that
there is no data breach of any sort and the Citizens' data is safe and
secure in Nigeria's National identity database," it stated.

 

The Director-General of NIMC, Abisoye Coker-Odusote, has ordered a
comprehensive investigation into the matter to find out if any of the
Commission's Tokenisation verification agents has in any way breached the
licensing agreement either directly or through any of their sub-licences,
according to the statement.

 

"Top-level security is in place to protect the NIN and other personal data
of every citizen and legal resident.

 

"NIMC reaffirms its unwavering dedication to safeguarding, securing, and
responsibly managing the data entrusted to us," She said.

 

NAN reports that the Nigerian Communications Commission (NCC) said that
repair works were ongoing on the undersea cable cuts that resulted in
equipment faults on the major undersea cables along the West African Coast
on Thursday leading to internet service disruption.

 

 

The West Africa Cable System, MainOne and ACE sea cables -- arteries for
telecommunications data -- were all affected on Thursday, triggering outages
and connectivity issues for mobile operators and internet service providers
in the region.

 

MainOne on Friday said that an "external incident" resulted in a cut to its
cable system in the Atlantic Ocean, offshore Cote D'Ivoire along the coast
of West Africa, ruling out human activity as a cause.

 

"Our preliminary analysis would suggest some form of seismic activity on the
seabed resulted in a break to the cable", MainOne said, adding it would
obtain more data when the cable is retrieved during repair.

 

"Given the distance from land, and the cable depth of about 3 kms (1.86
miles) at the point of fault, any kind of human activity - ship anchors,
fishing, drilling etc has been immediately ruled out," Reuters quoted
MainOne as saying.

 

The incident negatively impacted data and fixed telecom services in several
countries of West Africa, including Nigeria, Ghana, Senegal, Côte D'Ivoire,
among others.

 

However, the NCC in a statement said that operators of the damaged cables
had commenced repairs, noting that internet services were gradually being
restored.

 

"Cable companies - West African Cable System (WACS) and African Coast to
Europe (ACE) in the West Coast route from Europe have experienced faults
while SAT3 and MainOne have downtime.

 

"Similar undersea cables providing traffic from Europe to the East Coast of
Africa, like Seacom, Europe India Gateway (EIG), Asia-Africa-Europe 1
(AAE1), are said to have been cut at some point around the Red Sea,
resulting in degradation of services across on these routes.

 

"In Nigeria and other West African countries, Internet access and speed have
experienced disruptions in the networks of service providers in the affected
countries," the NCC said in the statement. (NAN)

 

- Daily Trust.

 

 

 

Nigeria: 'Poor People Don't Eat Eggs,' Nigerian Governor Rejects Inclusion
of Eggs in Subsidised Food Items

Subsidised food items will be sold to vulnerable persons already enlisted in
the state's social register.

 

Governor Umo Eno of Akwa Ibom State has rejected an appeal to include "eggs"
among the food items that the state government will sell to vulnerable
people at a subsidised rate.

 

The governor turned down the appeal on Thursday during an enlarged State
Executive Council meeting, where he signed into law the bill establishing
the Bulk Purchase Agency.

 

Nigerians are facing severe hardship as prices of food items have
skyrocketed following the removal of petrol subsidy by President Bola
Tinubu.

 

 

In response to the ballooned prices of commodities, Governor Eno, weeks ago,
forwarded to the state assembly, a bill for the establishment of a Bulk
Purchase Agency which will buy food items in bulk and sell to the vulnerable
people at a subsidised rate.

 

According to the law, the agency has three staple food items - rice, beans
and garri on its menu. The items are to be sold at 10kg each, and once a
month to the vulnerable people already enrolled in the state social
register.

 

One attendee at the ceremony, which was live-streamed on Facebook, queried
the modalities employed in selecting the three food items, arguing that
garri and rice are carbohydrates while beans is the only protein on the
list.

 

He suggested the inclusion of eggs, another protein source, particularly for
the malnourished children in the society, but the governor dismissed the
appeal.

 

 

"Poor people don't eat eggs. Let's look at staple foods," the governor
responded, while emphasising that the programme, being an intervention, will
not last forever.

 

"We all know that there is real hunger in the land. Our people need food, so
as a government, we proposed that we intervene in the high cost of food in
our state.

 

"The only way we can do that is to set up an agency that will do a direct
intervention in the market and get food to our people at a reduced price -
that is what the agency seeks to address," he said.

 

Criteria, vouchers for beneficiaries

 

Closely followed by the bill signing ceremony was a presentation by Frank
Ekpenyong, an aide to the governor on ICT, and a representative of the
Nigeria Security Printing and Minting Company PLC, a company that handles
voucher printing.

 

 

Giving details of the scheme, Mr Ekpenyong said the state government
selected the accredited market agents that will sell the staple food items
to the beneficiaries, who are to pay 70 per cent while the government
subsidises 30 per cent, including a provision of five per cent as service
charge (interest) to the market agents.

 

The agency will provide vouchers to qualify individuals enabling them to buy
staple foods through accredited market agents, the governor's aide said.

 

"The people will take the vouchers to the accredited agents and get garri,
beans and rice once a month - not more than 10kg of each of these items.

 

"The agents will take the vouchers to the government and claim their money
with 5 per cent interest as a service charge," Mr Ekpenyong added.

 

Food voucher - security and operational features

 

The voucher is designed and printed by the Nigerian Security Printing and
Minting Company, a Nigerian company which also handles the printing of the
nation's currency - naira.

 

Explaining the security feature on the voucher to the governor, who queried
if any other printing company cannot produce the voucher, a representative
of the Nigerian Security Printing and Minting Company, said the papers are
customised and cannot be imported to the country without the approval of the
Central Bank of Nigeria, a description that suggest that the papers for
voucher printing may be as expensive, if not more than the food items.

 

Other concerns

 

Raising concerns after the presentation, the chairperson of the Nigeria
Labour Congress in the state, Sunny James urged the governor to expand the
scheme to accommodate everybody resident in rural areas, particularly
workers, whom he said their take-home pay cannot take them home.

 

"The situation we are in the country, it will be wrong not to make food
available for our people," he said.

 

Mr James further suggested patronising local printers for the vouchers as
according to him past experiences with the CBN had shown that sometimes the
cost of printing the nation's currency is often higher than the value of the
naira itself.

 

He asked if the government or consumers would pay the five per cent service
charge as contained on the vouchers, particularly for the price of garri,
which is estimated to cost N7,000 for a 10kg bag.

 

"The figures are still tentative," Governor Eno responded. "That's why you
don't see a price on this voucher right now.

 

- Premium Times.

 

 

 

Namibia: Prepare for Oil Opportunities - Shiimi

NAMIBIA is falling behind in its readiness to enter a burgeoning oil and gas
sector, according to Finance and Public Enterprises Minister, Iipumbu
Shiimi, who says the country must adequately prepare to fully reap the
benefits of a lucrative hydrocarbon industry.

 

"I believe we are not ready as a country and I think we must look at it from
different perspectives. For us to be able to reap the full benefits of this
new industry, the oil industry, we must have the skilled human resources
that are going to work in those industries," said Shiimi.

 

The minister made these remarks during a recent discussion after tabling a
N$100.1 billion 2024/25 budget. The dialogue was organised by Standard Bank
Namibia, the Namibia Chamber of Commerce and Industry (NCCI), Namibia Media
Holdings (NMH) and Market Watch, under the theme; 'A New Dawn: Stimulating
Sustainable Local Economic Growth'.

 

 

During the tabling he advised Namibians to focus on developing skills and
sharpening tools to effectively take advantage of national resources.

 

He stressed that Namibians should not sit back and wait for the benefits of
recent oil discoveries to come to them but should already exploit the
opportunities presented by the budding petroleum industry.

 

Shiimi further encouraged local businesses to start thinking of how to
provide goods and services for the emerging sectors.

 

In his budget statement, the minister said the government remains broadly
attuned to the need to invest in human capital development as the catalyst
for sustainable development and poverty reduction in the long-term.

 

At the same budget discussion, CEO of the Namibia Investment Promotion and
Development Board (NIPDB), Nangula Uaandja said local content is important,
but warned it sometimes comes into conflict with investments.

 

Local content is described as the value the extraction of oil brings to the
local economy, beyond actual resource revenue.

 

"If you overextend on local content, you can slow down the investment. So
how do we balance the two? Local content policy is important to some extent,
but if we put conditions on foreign companies that are investing, when we
are not ready to help them meet their obligations. Those conditions, because
we don't have the local companies to offer these services and we don't have
the local skills to provide them, then local content is questioned," said
Uaandja.

 

During a recent interview, petroleum commissioner in the mines and energy
ministry, Maggy Shino, said government has placed a strong focus on
achieving value creation through local content.

 

"There are significant opportunities along the oil and gas value chain for
Namibians to participate, especially in servicing the exploration sector.
First, we need to build the capacity, both in the local workforce and in the
institutions that will help oversee, develop and regulate Namibia's oil and
gas industry. We also have an obligation to share up-to-date information
with the Namibian people so that they can prepare effectively for first oil
production," said Shino.

 

She added that the oil and gas industry also has an obligation to ensure
that knowledge and skills are transferred to build the capacity of
Namibians.

 

"We would like to inform those envisaging to service the Namibian oil
industry that local content is mandatory and the Namibian government will
not compromise in providing opportunities for its people to participate
meaningfully in the industry," Shino advised.

 

- New Era.

 

 

 

Rwanda: KKOG Becomes First Company to Secure Cannabis Export License

King Kong Organics (KKOG Rwanda) has become the first local company to
secure a 5-year license to cultivate cannabis for medicinal purposes,
extraction, and export various medicinal products.

 

KKOG Rwanda is a subsidiary of KKOG GLOBAL. -a US corporation incorporated
under the laws of the State of California, United States, whose mission is
to become the market-leader in medical cannabis cultivation on the African
continent.

 

The company capitalizes on its ability to cultivate world-class organic
medical cannabis and develop industry-leading growing, propagation and crop
selection techniques. With a focus on the African continent, KKOG Inc. has
developed key partnerships and global distribution channels alongside a
unique local community development model that allows for capacity building
and economic growth opportunities.

 

 

Its operations are spread across African countries including Rwanda- where
the company assisted the Government of Rwanda (GoR) in its framework, but
also commenced the construction of Rwanda's first cannabis facility on
5-hectares in Musanze district-which is scheduled to be completed in May
2024.

 

"The facility will be the first of its kind with extraction and research
components as well as cannabis end product development. There are plans to
begin distillation to create the first cannabis infused liquors at the
facility in 2025," said Rene Joseph, the Founder and CEO of KKOG Rwanda.

 

In 2010, the Ministry of Health proposed a law to allow cannabis to be used
for medical purposes in the country.

 

 

In 2021, Rwanda passed an order making cannabis legal for medicinal
purposes.

 

Although Rwanda legalized medical marijuana, recreational cannabis uses and
sales remain illegal in the country and the Rwandan government enforces
strict penalties for the illicit production, distribution, and consumption
of cannabis.

 

For instance, Rwanda Development Board (RDB) said that they will ensure that
in no way the cannabis growth can leak out of the farm to go to the domestic
market or to the wrong users. RDB stated that the cannabis crops will be in
a designated place, and there will be very strong measures, whether it is
CCTV cameras, watch towers, street lights, and human security- meaning that
the process involved will extremely secure.

 

RDB says the legalization of cannabis for medical use doesn't affect the
legal framework of the country but considers cannabis production as a top
investment opportunity as global cannabis production were projected to grow
from $28.3 billion raked in 2021, to $197.7 billion in 2028 at a compound
annual growth rate of 32 percent.

 

 

RDB has projected that Rwanda can attract at least Rwf19 billion (about
$17.5 million) investment in the production of cannabis for export and KKOG
has invested $10 million since coming to the local market to unlock this
potential.

 

KKOG CEO, Joseph says he commends the government for embracing the economic
potential of medicinal cannabis, the decision not only opens doors for
exponential job growth but also signifies a progressive approach towards
expanding Rwanda's GDP.

 

"I extend my sincere gratitude to all parties involved. The Government of
Rwanda has been integral in pioneering this legislation, we recognize their
foresight and dedication to fostering growth and innovation," Joseph said in
a statement.

 

"I would be remiss to not mention the efforts of RDB staff of whom without
their assistance and direction this endeavor would not have been as smooth
and clear today," he noted. There are others companies in Rwanda who already
have "provisional license" to do the same but in order to get an actual
license, the companies are required to purchase the land and build a
facility on it just as KKOG - which is the only one to do so far.

 

Access to markets and scalability

 

KKOG is the largest licensed company in Africa with other multiple cannabis
extraction facilities on the continent: 1000 hectares in DR Congo, 500
hectares in Zimbabwe as well as a extraction and research factory in Masasa
in Harare, 200 hectare farm and seedbank in Malawi, 140 hectares in South
Africa; as well as a presence in Lesotho, Ghana, Sierra Leone, Uganda, and
Tanzania among others.

 

KKOG says it has committed to fulfil its objectives to empower and train
small and commercial farmers in financing their desire to enter the sector
as well as be their exclusive Off-taker, thus sowing the seeds of financial
prosperity for all.

 

- New Times.

 

 

 

 

Nigeria: Ownership of Oil Palm Giant Presco Returns to Nigeria After 33-Year
Belgian Control

Presco is the country's biggest fully integrated agro-industrial palm
processor, according to GCR Ratings.

 

Oil palm powerhouse Presco switched ownership from long-time investor Siat
N.V, based in Brussels, Belgium, which had held on to the company's majority
control for well over three decades until the start of this month.

 

Fimave N.V., holder of 86.7 per cent of the total issued shares of Siat,
which owned a 60 per cent interest in Presco, consummated a deal shifting
that stake to Oak and Saffron Limited, the oil palm processor said in a
regulatory note.

 

 

Oak and Saffron, PREMIUM TIMES check with Corporate Affairs Commission
shows, is backed by Rasheed Sarumi, founder, owner and managing director of
Saro Africa International, an agribusiness group whose subsidiaries include
Gossy Warm Springs, Saro Agrosciences, Saro Oil Palms and Saro Lifecare.

 

Oak and Saffron is "established for oil palm, rubber and horticulture
businesses" and "intends to keep Presco Plc Plc listed on the NGX," Presco
stated in the document. Yet, the company has little or no online presence,
with no website.

 

The document said the transaction is "strategic" for Oak and Saffron,
especially "its long-term commitment to developing the oil palm and rubber
industries in West Africa and the horticulture industry in China, Belgium
and the United States."

 

The takeover moves the control of approximately 50,000 hectares of
currently-cultivated oil palms on a plantation able to produce 100,000
metric tons of palm kernel oil, crude palm oil and natural rubber in
thousands of metric tons every year to the new investor.

 

Benin City-based Presco is the country's biggest fully integrated
agro-industrial palm processor, GCR Ratings says. In addition to six oil
palm plantations are a palm kernel crushing plant, palm oil milling
facilities and vegetable oil refining & fractionation plants.

 

Siat has been operating in Nigeria since 1991 when it bought the
government-owned Obaretin Estate, then comprising 2,700 hectares of
cultivated area.

 

Last March, it was fingered in a report by Journalismfund Europe for
polluting the groundwater of its host community in Rivers State where the
company acquired the assets of Risonpalm, a smaller rival owned by the
state.

 

Such sustainability issues and others like deforestation and land grab for
oil palm production are generating heated debates on the need for the
industrial oil palm industry to adhere to high environmental, social and
governance (ESG)principles.

 

That is compelling activists and environmentalists to demand strict criteria
for how an organisation like Roundtable for Sustainable Palm Oil issues, of
which Siat is a member, issues badges of approval to companies they deem to
be environmentally responsible.

 

Presco ended 2023 reporting a 27.3 per cent growth in revenue, and its net
profit, at N30.4 billion, more than three times higher than the previous
year's.

 

Total assets rose to N171.7 billion from N132.4 billion a year earlier,
according to its unaudited earnings report.

 

- Premium Times.

 

 

 

 

Japan finally raises interest rates as inflation wish comes true

Japan's central bank has raised the cost of borrowing for the first time in
17 years.

 

The Bank of the Japan (BOJ) increased its key interest rate from -0.1% to a
range of 0%-0.1%. It comes as wages have jumped after consumer prices rose.

 

In 2016, the bank cut the rate below zero in an attempt to stimulate the
country's stagnating economy.

 

The hike means that there are no longer any countries left with negative
interest rates.

 

The BOJ also abandoned a policy known as yield curve control (YCC), which
saw it buying Japanese government bonds to control interest rates.

 

 

YCC policy has been in place since 2016 but has been criticised for
distorting markets by keeping long-term interest rates from rising.

 

In a statement announcing the decision, the BOJ said it will keep buying
"broadly the same amount" of government bonds as before and ramp up
purchases in case yields rise rapidly.

 

Expectations that the BOJ would finally raise rates had been growing since
governor Kazuo Ueda took office in April last year.

 

The latest official figures showed that even though the rate of price rises
has been slowing, Japan's core consumer inflation held at the bank's 2%
target in January.

 

The decision to finally hike rates hinged on the country's major
corporations increasing wages for their workers to help them cope with the
rising cost of living, Nobuko Kobayashi from consulting firm EY-Parthenon
told the BBC.

 

 

Earlier this month, Japan's biggest companies agreed to raise salaries by
5.28% - the biggest wage hike in more than three decades.

 

Wages in the country had flatlined since the late 1990s as consumer prices
rose very slowly or even fell.

 

But the return of inflation could be both good and bad news for the economy,
Ms Kobayashi says.

 

"Good, if Japan can stimulate productivity and domestic demand. Bad, if
inflation stays externally-driven by things like war and supply chain
disruptions."

 

In February, Japan's main stock index the Nikkei 225 hit an all-time closing
high, surpassing the previous record set 34 years ago.

 

 

This month, the country had avoided falling into a technical recession after
its official economic growth figures were revised.

 

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

 

During the pandemic, central banks around the world slashed interest rates
as they attempted to counteract the negative impact of border closures and
lockdowns.

 

At the time some countries, including Switzerland and Denmark, as well as
the European Central Bank, introduced negative interest rates.

 

Since then central banks around the world, like the US Federal Reserve and
the Bank of England, have been aggressively raising interest rates to curb
soaring prices.-BBC

 

 

 

Evergrande: China property giant and its founder accused of $78bn fraud

Struggling Chinese property giant Evergrande and its founder, Hui Ka Yan,
have been accused of inflating revenues by $78bn (£61.6bn) in the two years
before the firm defaulted on its debt.

 

The country's financial markets regulator has fined the company's mainland
business Hengda Real Estate $583.5m.

 

Mr Hui also faces being banned for life from China's financial markets.

 

In January, Evergrande was ordered to liquidate by a Hong Kong court.

 

The China Securities Regulatory Commission (CSRC) laid much of the blame on
Mr Hui, who was once China's richest man, for allegedly instructing staff to
"falsely inflate" Hengda's annual results in 2019 and 2020.

 

Mr Hui was also fined $6.5m, according to a filing by the company to the
Shenzhen and Shanghai stock exchanges.

 

Evergrande did not immediately respond to a BBC request for comment.

 

 

Last September, Mr Hui who is also the company's chairman was put under
police surveillance as he was investigated over suspected "illegal crimes".

 

The announcement comes days after the CSRC vowed to crack down on securities
fraud, and protect small investors with "teeth and horns".

 

Evergrande has been the poster child of China's real estate crisis with more
than $300bn of debt.

 

Liquidators have been appointed to look at Evergrande's overall financial
position and identify potential restructuring strategies.

 

That could include seizing and selling off assets, so that the proceeds can
be used to repay outstanding debts.

 

However, the Chinese government may be reluctant to see work halt on
property developments in China, where many would-be homeowners are waiting
for homes they have already paid for.

 

Problems in China's property market are having a major impact as the sector
accounts for around a third of the world's second largest economy.

 

 

The industry has been facing a major financial squeeze since 2021, when
authorities introduced measures to curb the amount big real estate
developers could borrow.

 

Since then several large property firms have defaulted on their debts.

 

On Monday, official data showed that property investment in China fell 9% in
January and February from a year ago.

 

New construction starts also dropped by 30% which was their their worst fall
in more than a year.-BBC

 

 

 

Nvidia: US tech giant unveils latest artificial intelligence chip

Nvidia has unveiled its latest artificial intelligence (AI) chip which it
says can do some tasks 30 times faster than its predecessor.

 

The firm has an 80% market share and hopes to cement its dominance.

 

In addition to the B200 "Blackwell" chip, its chief executive Jensen Huang
detailed a new set of software tools at its annual developer conference.

 

Nvidia is the third-most valuable company in the US, behind only Microsoft
and Apple.

 

Its shares have surged 240% over the past year and its market value touched
$2tn (£1.57tn) last month.

 

As Mr Huang kicked off the conference, he jokingly said, "I hope you realise
this is not a concert."

 

But Bob O'Donnell from Technalysis Research who was at the event told the
BBC that "the buzz was in the air".

 

 

"I haven't seen something like this in the tech industry in quite some
time," he said.

 

"In fact, some people were making analogies to the early days of Steve Jobs
types of presentations."

 

Nvidia said major customers including Amazon, Google, Microsoft and OpenAI
are expected to use the firm's new flagship chip in cloud-computing services
and for their own AI offerings.

 

It also said the new software tools, called microservices, improve system
efficiency to make it easier for a business to incorporate an AI model into
its work.

 

Other announcements include a new line of chips for cars which can run
chatbots inside the vehicle. The company said Chinese electric vehicle
makers BYD and Xpeng would both use its new chips.

 

Mr Huang also outlined a new series of chips for creating humanoid robots,
inviting several of the robots to join him on the stage.

 

Founded in 1993, Nvidia was originally known for making the type of computer
chips that process graphics, particularly for computer games.

 

 

Long before the AI revolution, it started adding features to its chips that
it says help machine learning, investments that have helped it gain market
share.

 

It is now seen as a key company to watch to see how fast AI-powered tech is
spreading across the business world.

 

But competition is heating up from rivals such as AMD and Intel.

 

Mr O'Donnell said the market was growing so quickly that "even if Nvidia
loses some share, they can still grow their overall business because there's
just a lot of opportunities for everybody".-BBC

 

 

 

Mike Lynch: Autonomy founder's fraud trial begins in US

British tech entrepreneur Mike Lynch is appearing in court in the US, as his
trial on fraud charges gets under way.

 

Once dubbed "Britain's Bill Gates", Mr Lynch is accused of overinflating the
value of his software firm when he sold it to Hewlett-Packard (HP) in 2011.

 

The 58-year-old, who faces 16 charges, faces up to 25 years in prison if
convicted. He denies the claims.

 

He was extradited to the US last year, after a UK judge ruled in favour of
HP in a similar civil fraud case.

 

In opening arguments, Mr Lynch's attorney Reid Weingarten said the tycoon
was preparing to take the stand at trial, as he seeks to defend a record
that has been severely battered since the sale of the firm Autonomy for more
than $11bn (£8.6bn).

 

 

At the time, the deal ranked as the largest-ever takeover of a British
technology business.

 

But just a year later, HP wrote down the value of Autonomy by $8.8bn and
claimed it had been duped into overpaying for the company.

 

Mr Weingarten told the jury that Mr Lynch had focused on technology, leaving
the finances to others.

 

"Mike had many sleepless nights worrying about Autonomy, but not about
accounting," Mr Weingarten said, according to the Reuters news agency.

 

Mr Lynch co-founded Autonomy in 1996.

 

 

It grew to become one of the UK's top 100 public companies, known for
software that could extract useful information from "unstructured" sources
such as phone calls, emails or video.

 

UK tech tycoon extradited to US in fraud case

HP wins multibillion-dollar fraud case over UK firm

US prosecutors in San Francisco say Mr Lynch backdated agreements to mislead
about the company's sales; concealed the firm's loss-making business
reselling hardware; and intimidated or paid off people who raised concerns,
among other claims.

 

In court filings, his attorneys have argued that the "real reason for the
write-down" was a failure by HP to manage the merger.

 

"Then, with its stock price crumbling under the weight of its own
mismanagement, circled the wagons to protect its new leaders and wantonly
accused" Mr Lynch of fraud, they wrote.-BBC

 

 

 

 

How Temu is shaking up the world of online shopping

A record 123 million Americans tuned into this year's Super Bowl.

 

But as well as getting the nation's biggest sporting event, a blockbuster
halftime performance and several camera cutaways of Taylor Swift in the
crowd, they also got six 30-second commercials for Temu - a Chinese-owned
e-commerce company.

 

The shopping giant has been criticised by politicians in the UK and US - a
US government investigation finding an "extremely high risk" that products
sold on Temu could have been made with forced labour.

 

Temu says it "strictly prohibits" the use of forced, penal, or child labour
by all its merchants.

 

The company, which sells everything from clothes to electronics and
furniture, first launched in the US in 2022 and later in the UK and the rest
of the world.

 

 

Since then, it has consistently topped global app download charts, with just
under 152 million Americans using it every month, according to data gathered
by analyst SimilarWeb.

 

It's "Amazon on steroids," says retail analyst Neil Saunders, and with the
tagline "shop like a billionaire" it has exploded in popularity, shipping to
49 countries worldwide.

 

Temu Temu advertTemu

Temu spent close to $1.7bn on ads in 2023, according to SimilarWeb

A typical 30-second Super Bowl commercial costs around $7m (£5.5m), during
this year's event Temu had six of them.

 

"It's a lot of money for a very, short commercial," Mr Saunders says.

 

 

"But it is seen by an enormous number of people and we know that after that
commercial Temu's downloads spiked," he adds.

 

SimilarWeb data suggests individual visitors to the platform worldwide were
up by nearly a quarter on the day of the Super Bowl compared with the
previous Sunday, with 8.2 million people browsing the website and app. In
the same period, Amazon and Ebay's visitors were down by 5% and 2%
respectively.

 

"They've also spent a lot of money on micro-marketing, persuading
influencers to push products and to suggest buying things on the platform
via social channels like TikTok and YouTube," says Mr Saunders.

 

These influencers typically have fewer than 10,000 followers according to
Ines Durand, an e-commerce expert at SimilarWeb.

 

"Micro-influencers have strong communities, so their endorsement means a
strong trust towards these products," she explains.

 

 

Temu is owned by Chinese giant Pinduoduo - "a monster in Chinese
e-commerce," according to Shaun Rein, founder of the China Market Research
Group.

 

"Throughout China, everyone buys products on Pinduoduo, from speakers to
t-shirts or socks," he says.

 

The company consistently trades places with rival Alibaba for the top spot
of most valuable Chinese firm listed on a US stock exchange. Its current
worth sits at just under $150bn (£117bn).

 

With the Chinese consumer market under its spell, Pinduoduo expanded
overseas with Temu, using the same model that had ensured its previous
success. According to Mr Rein, who is based in Shanghai, the firm has become
a great source of pride and patriotism.

 

"They're proud that Chinese companies can slay the e-commerce dragons from
the United States like Amazon," he adds.

 

A quick scroll through the Temu app or website will bring up anything from
steel-toecap trainers to a device designed to help the elderly and pregnant
women put on socks. A menagerie of manufactured goods, almost entirely
produced in factories in China, Mr Rein explains.

 

 

"Temu use an amazing, system that relies on, heavy data collection at
scale," says Ines Durand.

 

"They collect data on consumer trends, the most searched and clicked
products, which they give to individual manufacturers."

 

Ms Durand says that while Amazon sells this data to manufacturers at a
premium, Temu gives it to producers free of charge - information they use to
"test the market" with a relatively small number of products.

 

The platform often uses AI-generated images to keep up to date with the very
latest trends, so the product on sale may not even exist yet, according to
Ms Durand. Then they are shipped by air.

 

"It means products don't need to be stored. They don't need to go to
warehouses once it's shipped by aeroplane, you go straight to the customer,"
says Ines Durand.

 

 

Getty Images Staff members load cargo onto an aircraft at a Chinese
airport.Getty Images

Temu ships straight from factories in China to the customer

A third of parcels that came into the US last year under a shipping loophole
known as the de minimis threshold were from Temu and competitor Shein,
according to a report from US Congress.

 

Many countries - including the UK and USA have a de minimis threshold,
designed to help citizens to import goods.

 

So as Temu's goods are shipped directly from the factory floors, cutting out
the middlemen, they become essentially duty-free.

 

More regulation may be on the horizon to close up shipping loopholes,
however, according to Mickey Diaz, chief operating officer at global freight
company Unique Logistics.

 

 

"The UK has already started to look at Temu with some scrutiny, including
the sale of weapons that are otherwise not allowed into the UK, which were
being imported because of these loopholes," she explains.

 

Temu has been criticised for its supply chains too, with UK and US
politicians accusing the e-commerce giant of allowing goods produced with
forced labour to be sold on its site.

 

Last year, Alicia Kearns MP, head of the foreign affairs select committee,
told the BBC she wanted greater scrutiny of the online marketplace to make
sure "consumers are not inadvertently contributing to the Uyghur genocide".

 

Temu says it "strictly prohibits" the use of forced, penal, or child labour
by all its merchants.

 

It told the BBC anyone doing business with it must "comply with all
regulatory standards and compliance requirements".

 

 

"Temu's merchants, suppliers, and other third parties must pay their
employees and contractors on time and comply with all applicable local wage
and hours laws.

 

"Our current standards and practices are no different from other major
e-commerce platforms trusted by consumers, and allegations in this regard
are completely ungrounded," a spokesperson added.

 

Despite the controversy, analysts expect further expansion for Temu.

 

"We'll probably see teams start to round out its offer more, perhaps pushing
into some slightly higher priced products" predicts retail analyst Neil
Saunders.

 

According to Shaun Reid, the focus will be on grabbing an even bigger slice
of the market.-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

 


 

 

 

 


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for guideline purposes only and d from third parties.

 


 

 


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