Major International Business Headlines Brief::: 25 March 2024

Mon Mar 25 11:04:14 CAT 2024

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Major International Business Headlines Brief:::  25 March 2024 

ü  Kenya: Non-Injury Fire Incident Closes Terminal 1e At JKIA

ü  West Africa: Nigeria Seeks Joint West Africa Regional Protection of Undersea Cables

ü  How Mobile Apps Have Transformed Our Travels

ü  Nigeria: 36 Percent of Nigerian Major Banks' CEOs Now Women

ü  Senegal's Economy 'In Hands of Women' Warns Female Presidential Hopeful

ü  Nigeria: Exclusive - Why British Investor's Bid to Buy Pz Cussons Nigeria Fell Apart

ü  Nigeria: Federal Govt Launches Special Forces to Protect Mining Sites

ü  Nigeria: Naira Gains 10 Percent to N1,382/$ After CBN Clears Forex Backlog

ü  Rwanda Central Bank's Fight Against Inflation

ü  Rwanda: Kibos Sugar to Relocate Ksh200m Plant to Rwanda After Kenyan Setback

ü  Dragon Ball: First theme park to be built in Saudi Arabia

ü  The staggering economic impact of the Indian diaspora

ü  Trump poised for billions as stock market deal passes

 <https://www.cloverleaf.co.zw/> Kenya: Non-Injury Fire Incident Closes Terminal 1e At JKIA

Nairobi — The Kenya Airport Authority (KAA) has closed Terminal 1E at the country's main international airport following a non-injury fire incident linked to an electrical fault.

KAA said response teams contained the fire at the Jomo Kenyatta International Airport (JKIA) and no casualties were reported.

It moved all flight operations on the affected Terminal to Terminal 1A for continuity.

"To mitigate any inconvenience this may cause, all flight arrival operations have been redirected to Terminal 1A until further notice," KAA stated in an update on Monday morning.

The agency assured passengers using the airport of their safety and convenience as it works to restore operations at Terminal 1E which serves all international arrivals by non-SkyTeam airlines.

"KAA is dedicated to ensuring the safety and security of all passengers, staff, and stakeholders at our facilities and is taking all necessary steps to minimize disruptions and return to normal operations as swiftly as possible."

The agency did not however give timelines for restoration of operations at Terminal 1E.

- Capital FM.

West Africa: Nigeria Seeks Joint West Africa Regional Protection of Undersea Cables

"By ensuring the security of these vital assets, we can attract more investment, spur economic growth, and enhance our competitiveness on the global stage."

Against the backdrop of recent undersea cable cuts that challenged connectivities in many countries in the West Afrcan region, Nigeria has called for a coordinated and multilateral approach by the region to protect shared telecommunications infrastructure, and diversify connectivity to ensure uninterruptible connections.

Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, made the submission in a statement delivered at the 21st West Africa Telecommunications Regulatory Assembly (WATRA) Annual General Meeting (AGM) which held in Freetown, Sierra Leone, from the 19th to 22nd of March 2024.

Mr Maida, whose message was delivered at the WATRA AGM by the Deputy Director, Public Affairs of the Commission, Nnenna Ukoha, stated that the recent submarine cable cuts that resulted in nationwide outages on multiple networks in 12 African countries has raised the urgent need for the subregion to establish a mechanism to protect itself from damage to submarine infrastructure and its attendant impact on the subregion.

To buttress the call, Mr Maida referred to a report by Cloudflare, an IT service management firm, which indicates that about six countries, including four West African countries, were still suffering from the outages caused by the submarine cable cuts. He stated:

"Securing telecom infrastructure is paramount for fostering Foreign Direct Investment (FDI) and enhancing investor confidence in the West African sub-region. The reliability and resilience of telecommunications networks are crucial factors that investors consider when evaluating regional opportunities.

"By ensuring the security of these vital assets, we can attract more investment, spur economic growth, and enhance our competitiveness on the global stage. A secure telecoms infrastructure not only facilitates efficient communication and connectivity but also signals a commitment to safeguarding critical assets essential for business operations. This assurance can significantly boost investor confidence and create a conducive environment for sustainable economic development," he added.

According to him, "the impact of events like cable cuts highlights the need for a coordinated, multilateral approach to protecting shared infrastructure across our member nations."

Mr Maida therefore, proposed "the urgent need to set up a framework for joint monitoring, risk mitigation, and emergency response procedures for the submarine cables that pass through the sub-region.

"Further to this, we recommend that the WATRA Working Group on Infrastructure expand its mandate to spearhead the development of a comprehensive strategy to safeguard the subregion's telecommunications networks and associated infrastructure thereby proactively bolstering resilience through improved disaster response protocols to better insulate ourselves from future disruptions."

The NCC boss advised that the goals of the Working Group would be to strengthen sub-regional infrastructure resilience, promote the diversification of the sub-region's connectivity, conduct regular capacity assessments, as well as facilitate the designation of telecommunications infrastructure as critical national infrastructure in member countries.

The West Africa Telecommunications Regulators Assembly, was established in 2002 as a common platform for national telecommunication regulatory authorities in 16 member states to promote the adoption of regulations that stimulate investment in telecommunication infrastructure to deliver more affordable, accessible, faster and secure communication services to citizens.

At the 21st WATRA Annual General Meeting, issues pertaining to accessible and affordable telecommunication services in the sub-region were discussed, including improved consumer protection, quality of service, roaming and conflict resolution for consumers.

A major highlight of the AGM was the reelection of Nigeria's Yusuf Aliyu Aboki, as Executive Secretary, for a second term in a unanimous vote by the member countries.

Mr Maida commended Mr Aboki for his firm, inclusive and visionary leadership, which saw the successful delivery of WATRA's 2022 -- 2025 Strategic Plan, noting that Nigeria and indeed the sub-region was proud of the milestones he has achieved during his first tenure.

He further advised the WATRA Executive Secretary to build on the achievements of his first tenure, through stronger partnerships and deeper collaboration while advancing the interests of the sub-regional body.

- Premium Times.

How Mobile Apps Have Transformed Our Travels

Mobile apps have changed our lives in many ways, but have you ever stopped to think about the impact they’ve had on the way we travel? From augmented reality bringing historic scenes to life to playing poker on the train, there are many fascinating changes that make traveling easier and more enjoyable.

Discover More About Your Destination

Wherever in the world you travel to, you’re sure to find an app that lets you find out about your destination conveniently. There are numerous travel planning apps that let you work out the best route, plan your hotel stay, and learn everything you need to know about what you can do once you are there.

A good example can be seen with the Parks Canada app which tells you everything you need to know about getting around the 450 000 km 2 of national parks administered by this authority. If you feel overwhelmed by the sheer size of places like Banff National Park and Jasper National Park, this can be a way of making it seem more manageable.

The other type of app is one that you use when you’re there. An interesting recent development in this genre has been seen with the introduction of augmented reality (AR), which brings the place to life and can describe the history or show you what it used to look like. Some of the best examples mentioned here for use in London  include Streemuseum, which shows you historical images of the city, and London Tube, which lets you see how close you are to an Underground station.

In 2022, the Canadian Museum of Nature launched an AR app that brought terrifying Ice Age-era animals to life around Ottawa, while Driftscape uses this technology to show points of interest across Canada. While this is a light-hearted way of using your mobile device, it can also be incredibly useful in letting you see the world in a new way or learn useful facts easily.

Mobile Games and Other Types of Entertainment

It’s no secret that traveling involves a lot of downtime where you may be sitting around in your hotel or on a long train trip. In a huge country like Canada, this is even more noticeable, with long journeys part of the experience of seeing the wilderness here.

At some point, most travelers look for some form of entertainment to help keep them amused while they wait for the next chapter of their adventure to unfold. If you’re sitting on the Rocky Mountaineer train to Banff , finding some games to play can help make the journey even more enjoyable.

In the past, this could have involved taking away books, magazines, and even board games. Now, we can find all these things and a lot more on our smartphones. Whether you watch the latest episode of your favorite shows on a streaming service or catch up with the latest news headlines, you can do the same things on your trips that you do at home.

The Play Store and the App Store are both filled with many types of games. The latest figures from Statista suggest that there are close to half a million gaming apps  available on the Google site, with slightly less in the App Store.

While there are many different genres of games available, the rise in popularity of mobile casino games is particularly interesting. If you plan on playing real cash online casino while traveling , you’ll find slots, roulette, poker, and a lot more, on sites such as CafeCasino. You can either download the app to your home screen or just play directly in your device’s browser. Either way, you get to play games for real money and can even join real human dealers at the table.

These casino games are available both on desktop and mobile, giving you better flexibility in terms of what devices to use. Both options are seamless, facilitating an efficient gambling experience – anytime, anywhere.

Moreover, among the most popular mobile games of all time, we can find titles including Candy Crush Sage and Call of Duty: Mobile, which both have racked up more than 500 million downloads or player counts since release.

Among the most keenly awaited new mobile games are big names like Rainbow Six Mobile and Call of Duty: Warzone Mobile, both of which could see competitive mobile gaming reach a new level of popularity.

More Flexibility  

Considering these different advances and trends we’ve looked at; it seems clear that mobile apps have completely changed the way we travel. Perhaps the biggest difference we can spot is that it adds so much more flexibility to how we do things – allowing us to stay connected with family and colleagues , while entertaining us for hours on end.

You now have the choice of using your mobile device before you leave home, arranging your full trip and even lining up the entertainment options that most appeal to you. In this way, you get to make your journey exactly what you want it to be.

The opposite approach is to use your smartphone to wing it once you’re away, looking for the best deals and places to go while you’re on the move. This makes any trip more exciting and unpredictable, as you might end up doing things that you didn’t expect to do.

In these ways, mobile apps have changed our travels and are sure to continue doing so. As technology like artificial intelligence and virtual reality continue to advance, we can expect to see more latest trends that make it easier for us to enjoy traveling on our own terms.

Nigeria: 36 Percent of Nigerian Major Banks' CEOs Now Women

Formerly dominated by men, the Nigerian banking industry is gradually being overtaken by female banking gurus as the number of women leading the major banks in the country has increased in recent years.

Nigeria currently has 25 major banks with the number of female bank chief executives soaring from just one in 2019 to 10 in 2024, representing 36 per cent of Nigerian major banks' chief executive officers.

Before 2019, the banking industry had been largely dominated by men with a sprinkle of the female gender who had also made their mark in the industry. The likes of Cecilia Ibru, former managing director/chief executive officer of defunct Oceanic Bank, said to be the first female bank CEO, was one in a million among male bank CEOs. Ibru became the MD/CEO of Oceanic Bank in 1997, but on August 13, 2009 she was one of the five bank CEOs who were dismissed. Then, more female bank CEOs came into the industry as turnaround managers after the 2009 shake-up in the sector. Funke Osibodu led Union Bank while Suzanne Iroche was also appointed by the CBN in 2009 as turnaround MD/CEO of FinBank Plc. They both served their banks until 2012 when they successfully completed their assignments.

Other women who presided as CEOs of banks include Bola Adesola, MD/ CEO of Standard Chartered Bank Limited, Nigeria, who in 2011 was appointed by the bank as the first Nigerian, and first female CEO of the bank. In 2012, Sola David-Borha was anointed as chief executive of Stanbic IBTC and served until 2017.

The latest addition of Dame Adaora Umeoji as the group chief executive of Zenith Bank further extends the list, which has been on the rise since 2021. Besides the managing director of Unity Bank, Mrs. Tomi Somefun, who has stood tall in the midst of men since 2015, the banking industry rarely had female representation at the CEO level. At least 10 of the 26 commercial banks in the country are currently being led by women.

However, the list has consistently grown with the additions of Miriam Olusanya, Yemisi Edun, and Halima Buba, among others.

Speaking on the development, MD/CEO of Arthur Steven Asset Management Limited, Olatunde Amolegbe, said the transition into an equal gender industry is a welcome development.

According to him, the female gender has proven themselves as support cast in the finance industry for a long time and it is time they take the reins eventually.

"My personal belief is that the natural trait of fairness, probity, and sense of responsibility will stand them in good stead to make a positive impact in the industry, as did their predecessors such as Mrs. Kuforiji-Olubi who led UBA sometimes in the 80s. I support this transition 100 percent," he said.

On how women have been able to take their place in the male-dominated banking industry, Amolegbe said, "I would like to put it down to a coincidence of succession planning and, in some cases, possibly deliberate institutional policy to uplift and empower the fair gender. It could very well be that these two scenarios just happen to be playing out at about the same time."

The vice president of Highcap Securities Limited, David Adnori, said, "Businesses are not bound by whether the head is male or female; they are bound by performance. All the female CEOs appointed are highly qualified and with experience in their field."

He added that "we are having more women who are educated and occupying high places."

According to Adnori, while progress has been made in recent years, women still face numerous challenges and barriers to advancement in many industries. Employers have a crucial role to play in creating an environment that empowers and supports women to thrive professionally.

1 Miriam Olusanya, MD, Guaranty Trust Bank (GTBank)

Miriam Olusanya made history as the MD of Guaranty Trust Bank, becoming the first woman to ascend to this prestigious position in the bank on June 2021. Graduating with a degree in Pharmacy from the University of Ibadan and later acquiring a Master of Business Administration (MBA) from the University of Liverpool, Olusanya's academic prowess laid the foundation for her remarkable career. Joining GTB as an executive trainee in 1998, she steadily climbed the ranks, culminating in her recent appointment as managing director. Prior to assuming this pivotal role, she served as an executive director at the bank, showcasing her leadership acumen and strategic vision. Olusanya's appointment marks a significant milestone for GTB, heralding a new era of diversity and excellence at the helm of one of Nigeria's foremost financial institutions.

Yemisi Edun, MD, First City Monument Bank (FCMB)

Yemisi Edun was appointed MD in July 2021. She has a background in finance and extensive experience in the banking sector.

Edun has demonstrated exceptional leadership skills and strategic vision in steering FCMB towards growth and innovation. Known for her commitment to excellence and integrity, she has played a pivotal role in positioning FCMB as a leading player in the Nigerian banking industry. Edun's leadership has been marked by a focus on customer satisfaction, employee development, and community engagement, making her a respected figure in the Nigerian business community.

Halima Buba, MD/CEO, SunTrust Bank

Halima Buba was appointed the MD/CEO of SunTrust Bank in January 2012. Halima Buba, a seasoned banker with over 22 years of cognate experience obtained from working in All Sstates Trust Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc, and Ecobank Nigeria Limited, is one of the few women to have attained that height as an MD in the industry.

Prior to her appointment to suntrust bank ltd as md/ceo, halima was a co-founder and former executive director in Taj Consortium, an organization of young dynamic technocrats and financial advisory experts.

She was also a member of the Board of the Nigerian Sovereign Investment Authority (NSIA) as a non-executive director and a director on the Board of Adamawa Homes and Savings Ltd.

She holds a Bachelor of Science (B.Sc.) degree in Business Management from the University of Maiduguri and an MBA from the same University.

4 Ireti Samuel-Ogbu, MD, Citibank Nigeria

Ireti Samuel-Ogbu was appointed in September 2020. It is the first time a woman has been appointed to the lender's top post after 36 years of operating in Africa's largest economy.

She had served as managing director of payments and receivables, treasury and trade solutions for Europe, the Middle East, and Africa at the lender's office in London.

5 Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank

Mrs Onyeali-Ikpe assumed the office on January 1, 2021

She has been an integral part of the transformation team at Fidelity Bank in the last six years. She was formerly executive director, Lagos and South West, overseeing the bank's business in the six states that make up the South West region of the bank. She led the transformation of the directorate to profitability and sustained its impressive year-on-year growth, across key performance metrics, including contributing over 28% of the Bank's PBT, deposits, and loans.

She is a consummate professional with over 30 years' experience across various banks, including Standard Chartered Bank Plc, Zenith Bank Plc, and Citizens International Bank Limited.

Tomi Somefun, MD, Unity Bank

Tomi Somefun was appointed as MD in August 2015.

She obtained a B.Ed. in English Language in 1981 from the Obafemi Awolowo University, Ile-Ife in Osun State, and is an alumna of Harvard Business School and the University of Columbia Business School, New York.

Somefun began her professional career with Peat Marwick and Co. and later moved to Arthur Andersen (now KPMG) before becoming an executive director at Unity Bank Plc.

Kafilat Araoye, Pioneer MD, Lotus Bank

Kafilat Araoye was appointed MD since May 2021.

She holds a first degree in History from the University of Ife, now Obafemi Awolowo University (1985), and an M.Sc. in Industrial Relations & Personnel Management from the University of Lagos (1987), graduating as the best student in her class. She also holds Islamic Finance certifications issued by Ethica Institute of Islamic Finance, the Chartered Institute for Securities & Investment/Bahrain Institute of Banking & Finance, as well as the Islamic Research & Training Institute.

She has attended various executive management courses at the Cranfield School of Management (UK), Lagos Business School, Institute of Management Development (Switzerland), INSEAD (France), and Ross Business School, University of Michigan (USA).

Bukola Smith, MD, FSDH Merchant Bank

Bukola Smith heads FSDH Merchant Bank, leveraging her B.Sc. in Economics and an MBA from Alliance Manchester Business School.

Her expertise in investment banking fosters FSDH's growth, while her mentorship supports aspiring female leaders in the finance sector. She became the MD of FSDH Merchant Bank in April 2021 and still serves in this capacity.

Yetunde Bolanle Oni, MD, Union Bank

Yetunde Bolanle Oni recently assumed the role of MD/CEO of Union Bank in January 2024, marking a significant milestone in the bank's leadership. With degrees in Economics and Business Administration, including executive training at Oxford University, her appointment is poised to shape Union Bank's strategic direction.

Dr. Adaora Umeoji, GCEO, Zenith Bank

Dr. Adaora Umeoji's appointment as group managing director/chief executive of Zenith Bank becomes effective June 1, 2024. Umeoji's appointment makes her the first female to take up the position.

Before her appointment, Umeoji has been the deputy managing director of the bank since October 28, 2016, and has close to 30 years of cognate banking experience, of which 26 years have been with Zenith Bank.

Umeoji is an alumna of the prestigious Harvard Business School where she attended the Advanced Management Programme (AMP) and an alumna of Columbia Business School with a Certificate in the Global Banking Programme.

She holds a Bachelor's Degree in Sociology from the University of Jos, a Bachelor's Degree in Accounting, and a First-Class honours in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and a doctorate in business administration from Apollos University, USA.

She also attended the executive programme in Strategic Management, and has a Certificate in Leading Global Business, all from Harvard Business School, USA.

Analysts said the increasing presence of female MDs within Nigerian banks highlights the acknowledgment of women's capabilities and their significant role in driving the country's economic progress. This trend, according to them, signifies a progressive movement towards gender equality and inclusivity in corporate governance, marking a departure from conventional patriarchal norms towards a more balanced and diverse leadership landscape.

- Leadership.

Senegal's Economy 'In Hands of Women' Warns Female Presidential Hopeful

With promises of boosting the economy and gender equality, business leader Anta Babacar Ngom is the only woman vying for the Senegalese presidency in this Sunday's polls. She told RFI that while hard-working women play a vital role in all sectors of the workforce, they're given little opportunity to thrive.

Six women were originally among the 93 presidential hopefuls in the West African nation's 2024 presidential election.

But only two made the final list approved by the Constitutional Council: Ngom and Rose Wardini, whose candidacy was later dropped because she has French citizenship.

A successful businesswoman in her own right, Ngom is the daughter of Senegalese businessman Babacar Ngom. From 2016, she's been the CEO of Sedima, a major poultry company in Senegal.

But since she decided to run for office, the 40-year-old has also become a voice for women and young people - two demographics hit hard by the country's economic crisis, high unemployment and inflation.

Ngom's main promises are to create five million jobs in a multitude of sectors including agriculture, farming, tourism, healthcare and the arts.

She also wants to establish a bank to support women's financial independence.

As a mother, healthcare - and especially birthcare - is a top priority for Ngom.

The health sector "definitely needs reforms" she says, adding: "I dream of a form of 'Obamacare' for Senegalese people and I think it's doable."

Her experience throughout the campaign has been far from easy, having been arrested during protests. But activists reckon her presence is already helping to advance the fight for gender equality.

Business executive Anta Babacar Ngom is the first woman to seek the Senegalese presidency in more than a decade. pic.twitter.com/ilDsVlIpG9-- CGTN Africa (@cgtnafrica) March 21, 2024

Empowering women

"As the only female presidential candidate, I represent Senegalese women," she has said on numerous occasions.

Senegal has a higher level of women MPs than most African and even some Western countries: 46 percent according to the Inter-Parliamentary Union. That compares with 36 percent in France.

Yet, for Ngom, the representation of women in politics is below that of their real role in society. They are accepted "as long as they limit themselves to the position of prime minister".

In 1963 Caroline Faye Diop became the first woman MP, before going on to become the first woman minister in 1978.

Aminata Touré was the second woman to serve as prime minister - from September 2013 to July 2014.

Although in Senegal, prime ministers have a significantly smaller role than presidents.

In the 2019 presidential election, there were no female candidates, Ngom recalls.

"And that didn't bother anybody," she says - adding that the two women who contested the 2012 polls took "zero-something" percent of the vote.

"In Senegal, this is the first time a woman is actually being taken seriously. It's a shock to me."

Senegalese women work hard in every sector, Ngom says, adding: "The economy is in the hands of women. They work hard and are very courageous. Their only problem is that they are very limited."

She hopes that her candidacy will mark a change, and that more women will be encouraged to get into politics.

"No matter the result, I want to give hope to them and to show the way." The main question, she adds, is: "Can a woman be president in Senegal?"

Ngom is confident she'll reach the second round, set for 31 March.

-RFI website.

Nigeria: Exclusive - Why British Investor's Bid to Buy Pz Cussons Nigeria Fell Apart

PZ Cussons (Holdings) UK set out on 4 September 2023 to purchase other stockholders' shares numbering 1.06 billion at N21 per unit.

The deal seeking to sell PZ Cussons Nigeria to core investors from Britain hit a brick wall midway after the Nigerian capital market watchdog sought clarification on some irregularities in the PZ board's request for approval, sources familiar with the matter told PREMIUM TIMES.

Nigeria's Securities and Exchange Commission (SEC) raised an eyebrow after pinpointing flaws in the document by PZ Cussons Nigeria asking the regulator to endorse PZ Cussons (Holdings) UK, which has a 73.3 per cent interest in the company to acquire other shares held by minority shareholders.

"Some deficiencies were spotted in the document submitted to SEC by PZ Cussons and those anomalies were queried," one source involved in the regulatory process said, asking not to be named.

"PZ was notified to effect changes and revert back to the Commission for the letter of No Objection, but it failed to respond. One of the noted deficiencies was that PZ Cussons wanted to buy the shares at a price far less than the current market value."

CEO Dimitris Kostianis' biggest assignment since taking the helm at the company last June was arguably to deliver the deal to acquire minority shareholders' stakes in the entity for PZ Cussons (Holdings) Limited UK, the core investor whose interest he represents on the directors' board.

PZ Cussons (Holdings) UK set out on 4 September 2023 to purchase other stockholders' shares numbering 1.06 billion at N21 per unit, an offer with a premium of just 9.9 per cent higher than the closing market price that day.

The board announced an offer review two months after, pricing the potential takeover at N23 per unit.

"The offer price of ₦23 represents a premium of 35% to the Company's share price of ₦17 on 17 August 2023, being the last traded price prior to the offer date," PZ Cussons Nigeria said in a regulatory note.

On 9 November 2023, the day the announcement was made, PZ Cussons Nigeria's shares closed trade in the open market at N21.05.

In the weeks that followed, the stock rose unevenly and closed at N40 per unit on Wednesday morning, when PZ Cussons disclosed that the deal had fallen through.

The Wednesday closing price was 73.9 per cent higher than the N23 PZ Cussons (Holdings) UK tabled as its reviewed offer, making the offer considerably unattractive for investors, who often want the buyout price to come at a premium to the market price.

The book value of the company had plunged N23.2 billion into the red in the six months to last November after reporting a record foreign exchange loss of N52.4 billion, twenty times higher than a year ago, causing its liabilities to surpass its assets.

That was one motivation for the core investor to price the offer low.

All the same, the Nigerian operation of PZ Cussons Plc, the Manchester-based consumer goods manufacturer, remains attractive for any core investor to consider for full ownership.

Nigeria is the largest and most diverse single market of the group, which has footprints in places in Europe, North America, Asia-Pacific, and Africa.

That factor makes divesting its stake in the Nigerian unit not on the cards for the parent company at a time when multinational peers like P&G, GlaxoSmithKline and Sanofi S.A, hard hit by the same foreign exchange crisis in the country, have taken the exit door.

The company has built robust consumer loyalty and carved a sizeable slice of the market for itself with brands like Premier, Imperial Leather, Mamador, King's Pure Vegetable Oil, Robb, and Morning Fresh among others since its founders, Scottish George Patterson and Greek George Zochonis, opened the Nigerian subsidiary as a trading post 125 years ago.

Nigeria contributed 34.7 per cent (£227.9 million) of the PZ Cussons revenue for 2023, according to its audited earnings report.

- Premium Times.

Nigeria: Federal Govt Launches Special Forces to Protect Mining Sites

The federal government yesterday unveiled a special forces outfit, the Mines Marshals, to secure mineral sites and combat illegal mining in the country.

The formal unveiling of the marshals Thursday brings to fruition the pledge of the minister of solid minerals development, Dr. Dele Alake, on his assumption of office to create a new security architecture to secure mining sites.

At the event, the minister reiterated that solid minerals was the next top mineral earner for Nigeria and that insecurity was threatening to derail its contributions to revamping the nation's economy, adding that creating a safe environment around the mineral sites was key to achieving the objectives of government for the sector.

Alake, who officially received the marshals, drawn from the Nigeria Security and Civil Defence Corps (NSCDC), from the Commandant-General, Abubakar Audi, who represented the minister of interior, Hon. Olubunmi Tunji-Ojo, urged the 2,220-strong Mines Marshal, tagged "Operation Hayakin Kogo," to smoke out illegal miners and all those who flout the nation's mining laws from their hideouts.

He told the operatives to check theft and all illegal activities around the nation's mineral resources so that the nation can earn more revenue from its mineral wealth.

The launch is the result of the efforts of the presidential Inter-ministerial committee on securing natural resources chaired by Dr. Alake, and comprising the ministries of Interior, environment, marine economy, police affairs and defence, which a few weeks ago launched the NSCDC-led mines marshal, which represents the first layer of the new security architecture to secure the mining environment.

Alake disclosed that talks are on with the Ministry of Police Affairs to boost the marshals with more men.

With a command structure spread across the 36 states and the FCT, the mines marshal will have their command and control domiciled in the Ministry of Solid Minerals Development (MSMD), with an initial 60 operatives deployed in each state and the FCT.

Highlighting the role played by his interior counterpart in the evolution of the new security outfit, Dr. Alake commended Hon. Olubunmi-Ojo for working tirelessly with the solid minerals ministry to achieve the feat.

"Today's event of unveiling and formally handing over the specially trained and selected civil defence structure to engage illegal miners and sanitise our mining environment was also part of what we conceived at the inter-ministerial committee chaired by me. I am very happy to let the public know that from the outset we said are going to tackle insecurity in the mining sector and the first batch of the security apparati is what we are launching today," the minister added.

The mines marshal, designed to be an inter-agency security outfit, will incorporate special operatives from other security agencies like the Nigeria Police, army, amongst others. Its operations will largely be technologically driven.

Handing over the mines marshals to the minister, NSCDC Commandant-General Abubakar Audi revealed that they were selected from among the best trained Corps by the military, adding that they will give impetus to the Corps' mandate of protecting national assets and infrastructure, of which solid minerals is a major component.

Audi said the NSCDC had a constitutional mandate to safeguard critical national assets from vandals, of which mineral resources was among, and that it already had a department dedicated to combating illegal miners, Transport and Mining Marshals, which had recorded successes in arresting and prosecuting illegal miners, including Chinese nationals.

The NSCDC boss further revealed that the marshals will work alongside the mine inspectorate departments and federal mines officers in states to garner intelligence and take directives from the ministry for effective execution of its mandate.

According to him, each state command will comprise 60 Marshals as a starting point, but that their numbers will be boosted when other security agencies, like the Navy, Army, Air Force and the police, send their own operatives to join the Marshals.

"We have a list of illegal miners across the nation, and we will go after them. Their days are now numbered, "Audi declared.

The new Mines Marshal is led by a commander, Chief Superintendent of Corps, CSC Attah John Onoja.

- Leadership.

Nigeria: Naira Gains 10 Percent to N1,382/$ After CBN Clears Forex Backlog

Following the clearing of all valid foreign exchange backlogs by the Central Bank of Nigeria (CBN) on Wednesday, and increased inflow at the Nigeria Autonomous Foreign Exchange Market (NAFEM), the value of the naira gained significantly on Thursday with the value rising from N1,536.83 which it closed on Wednesday to N1,382.85 to the dollar.

This is a 10 per cent improvement over the value of the local currency the previous day. Foreign exchange inflow at the market had also risen to $288.47 million.

The CBN had on Wednesday night said it had cleared the backlog of $7 billion in claims, according to Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali.

Staying that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog, she disclosed that independent auditors from Deloitte Consulting meticulously assessed these transactions, ensuring that only legitimate claims were honoured. Any invalid transactions were promptly referred to the relevant authorities for further scrutiny.

At a recent meeting, governor Cardoso declared: "We made clearing the FX backlog a priority to restore credibility and confidence in the Nigerian economy.

"It was important that we go through an independent and credible process that would determine the authenticity of those obligations, and, at this point, I can tell you that we have now cleared all genuine, verifiable transactions. This encumbrance to market confidence in the country's ability to meet its obligations is now totally behind us," he added.

Cardoso emphasised the priority of clearing the FX backlog to enhance credibility and confidence in the Nigerian economy.

The strain on the naira/dollar exchange rate is gradually diminishing, with Nigeria's external reserves showing sustained growth over the past month.

According to data from the CBN, foreign currency reserves rose by 3.62 percent to $34.37 billion as of March 12, 2024, compared to $33.17 billion recorded at the beginning of February 2024.

Additionally, the CBN reported a significant surge in Diaspora remittances, which skyrocketed by 433 percent to $1.3 billion in February, compared to $300 million in January.

- Leadership.

Rwanda Central Bank's Fight Against Inflation

High inflation has had a negative impact on Rwanda's economy. It has depressed household budgets, devalued the Rwandan franc in part, and exerted immense pressure on companies, some of which are already reporting that their profit margins have been pressed.

Last year, prices for things people buy every day went up faster than they have in previous years.

Headline inflation, a key metric which tracks the average change in prices for a basket of goods and services that a typical household consumes, hit 20.7 per cent in January of 2023.

For example, the average price of bread and cereals, vegetables, and fruits increased by 16.3 per cent, 52.3 per cent, and 28.6 per cent in 2023, respectively, according to the National Bank of Rwanda.

The year before that, the average price of bread and cereals, vegetables, and fruits had increased by 24 per cent, 33.3 per cent, and 21.7 per cent, respectively.

The high inflation experienced in 2022 and 2023 were mainly due to high international commodity prices such as processed food and fuels, largely because of the aftermath of Covid-19 and negative effects of the Ukraine-Russia war.

"This has eased since central banks took decisions to tighten their monetary policies. That tied financial conditions slowed down economic performance, slowed down global demand, and that slowed down global inflation," John Rwangombwa, the Governor of the National Bank of Rwanda told The New Times.

The Central Bank has managed to bring back inflation within its target range of 2-8 per cent. Headline inflation dropped to 4.9 per cent year-on-year in February this year from 20.8 per cent in February 2023.

"Headline inflation is on a declining trend evolving within the band, this is due to alleviated pressures on core inflation from international food prices, easing trend recorded from global energy prices, and improved fresh food supply resulting from crop production," the governor said.

Asked whether inflationary pressures seen last year would push people to increase prices this year, the Governor said he believes that most adjustments - second round effects - to last year's shocks have already happened, suggesting that price increases due to past pressures have likely already happened.

"The only trickle-down inflation that we expect is from the high depreciation that we registered last year. We don't expect any major increases except if the risks we identified materialize," he noted.

Some of those risks include geopolitical tensions such as the war in Ukraine, Red Sea disruptions, global oil cuts, and climate change. These risks could potentially lead to inflation hikes, and worsen the local currency which lost 18 per cent of its value against the US dollar last year.

The Red Sea in particular has long been a vital waterway to international trade, but attacks by Houthi militants from Yemen on shipping vessels since the start of Israel-Hamas war has caused major disruptions on commercial shipping.

The number of specialized car-carrying ships using the Red Sea dropped by more than half in December 2023 compared with December 2022, United Nations Conference on Trade and Development (UNCTAD) said in February this year.

"If disruptions at the Red Sea persist, we expect this will hike commodity prices due to expected increase in transport prices. Otherwise, if the projected growth in agriculture [is realised], and no unusual crisis globally, we don't expect any pressures on Rwanda inflation," the governor said.

In November when the Central Bank held its key lending rate at 7.5 per cent, it was hoping the decision would bring back inflation within its targeted range of 2-8 per cent.

That has been achieved and inflation is projected to average 5 per cent in 2024.

Economy resilient

The Central Bank says the economy will continue to maintain the growth momentum seen in 2023 provided that major risks subside. This would put the growth rate for 2024 at 6.6 per cent.

"This strong growth momentum is expected to continue in 2024 led by increasing investments in the construction and tourism sub-sectors and the recovery of the agriculture sector thanks to improving weather conditions," Rwangombwa noted.

The World Bank Group puts the economic growth rate for 2024 even higher. The Bank said in its economic update last month that Rwanda's economy will grow at 7.2 per cent in 2024.

"Rwanda's economy showcased resilience and adaptability, achieving a robust growth rate in 2023, amidst a series of challenging external and domestic factors," Peace Aimee Niyibizi, World Bank Country Economist for Rwanda indicated.

She added, "The World Bank encourages the country to pursue its prudent fiscal management by reducing non-essential spending and prioritizing investment in human capital."

Rwanda's economy grew at 8.2 per cent in 2023, higher than the initially projected growth of 6.2 per cent. This was driven mainly by the services and industry sectors which grew by 11 per cent and 10 per cent, respectively.

Last year, construction activities increased by 12 per cent. This could have been driven by increased demand in new construction activities including the ongoing construction of the Bugesera airport, road construction activities, and upcoming private commercial housing projects.

"We saw increased imports and exports. But imports increased much faster than exports. Part of the biggest driver of our import bill is food imports," Rwangombwa said.

According to the central bank, Rwanda's international trade continued its recovery in 2023. Merchandise exports rose by 1.7 per cent in 2023, supported by the good performance of domestic manufacturing exports.

Merchandise imports also rose by 6.9 per cent, mainly driven by the increased demand for imported goods and services to support the economic recovery.

The country's trade deficit - the difference between exports and imports - widened by 10.2 per cent.

- New Times.

Rwanda: Kibos Sugar to Relocate Ksh200m Plant to Rwanda After Kenyan Setback

Kibos Sugar is set to relocate its industrial sugar refinery plant to Rwanda following the Kenyan government's failure to grant it special economic status, allowing duty-free export of its products as it targets the regional market.

Despite completing the construction of the Ksh200 million facility over five years ago, Kibos has been unable to commission it due to stringent trade laws governed by the East African Customs Management Act.

The firm can only evade duty if it is gazetted as a special special economic zone.

A senior official from Kibos disclosed that they have secured land within Rwanda's special economic zone for the potential relocation.

"We are planning to relocate the plant to Rwanda where we have been allocated land by the government within the special economic zone," the official stated.

The decision to relocate poses a significant setback for Kenya, a nation that has positioned itself as a prime investment destination.

Under the EAC customs regulations, goods produced from duty-free imported raw materials do not receive preferential treatment when exported to member countries, thereby incurring taxes.

This circumstance contrasts with the current scenario wherein EAC member states can import refined sugar at zero tariffs, meaning if Kiboss were to export, their product would be uncompetitive in the market.

Kibos, the sole company with an industrial sugar plant in Kenya, would be compelled to import raw sugar from countries like Brazil or India to facilitate the refining process. J

ude Chesire, Head of the Sugar Directorate, said while they have provided support to Kibos, resolving duty-related issues falls within the purview of regional trade ministers.

Kenya, a net importer of refined sugar primarily used in confectionery and beverage production, imports up to 150,000 tonnes annually to meet domestic demand.

The milling plant in Kisumu boasts an installed capacity of 150,000 tonnes, sufficient to cater to the country's annual requirements.

- Business Day Africa.

Dragon Ball: First theme park to be built in Saudi Arabia

Saudi Arabia has announced it will build a theme park based on the famed Japanese animated series Dragon Ball, sparking mixed reactions from fans.

It will feature a 70m (229.6ft) dragon at its centre and at least 30 rides, the firm behind the project says.

The park would be the world's first such attraction based on the popular media franchise.

The announcement was met with some criticism from fans, citing Saudi Arabia's human rights record.

The park will cover more than half a million square metres, according to Qiddiya Investment Company (QIC) which is wholly owned by the Saudi Arabian government's investment fund.

The plans are part of "a long-term strategic partnership" between the QIC and Toei Animation, the Japanese producer of Dragon Ball.

According to the official Dragon Ball website, the park will include a roller coaster inside the dragon modelled after Shenron, a wish-giving dragon that features in the franchise.

Qiddiya is a major entertainment and tourism project being built near Saudi Arabia's capital Riyadh.

It is part of the energy-rich nation's plans to diversify its economy away from fossil fuels.

While some Dragon Ball fans have welcomed the plans for the theme park, others on social media have questioned the decision to locate the attraction in Saudi Arabia.

The country has been criticised for its human rights record and lack of recognition of LGBTQ+ rights.

QIC Artist's impression of Dragon Ball theme park in Saudi Arabia.QIC

The Dragon Ball theme park is expected to cover more than half a million square metres

The announcement comes just weeks after the death of Dragon Ball's creator, Akira Toriyama.

Toriyama died on 1 March, aged 68. Only his family and very few friends attended his funeral, according to a statement on the Dragon Ball website.

Fans around the world paid tribute to Toriyama for creating characters that have become a part of their lives.

The Dragon Ball comic series debuted in 1984. It follows a boy named Son Goku in his quest to collect magical dragon balls that can give him super powers.

It is one of the most influential and best-selling Japanese comics of all time.-BBC

The staggering economic impact of the Indian diaspora

As high-earning Indians settle abroad, they're infusing billions into local economies.

Shubhangi Sharma is set to host a Holi party later this month at her family home in an affluent part of Berlin. To celebrate the popular Hindu festival of colours, which falls on 25 March, the 34-year-old will spend around €200 (£171; $218) to cover the costs of the Indian food and sweets she will serve friends; she'll buy the pricey Holi paint online; and wear the traditional clothes she bought as part of an earlier bulk buy during her most recent visit to her hometown, Delhi.  

Dr Sharma, a microbiologist, and her tech-worker husband, are able to spend freely on traditional festivals like Holi. Living in a double-income household with one young daughter and another child on the way, the couple buy mainly organic foods in their weekly shop, go on holidays ideally every three months and purchase expensive flights for their annual trips back to India.

"I moved my investments from India to Germany, so now all my savings are here, and I enjoy investing money in different stock profiles and different exchange-traded funds (ETFs)," says Sharma  "We are in the process of buying a house that should go through by the end of the year. It will take away a big chunk of our savings, but it's also a commitment for our future. Overall, the move to Germany has given me economic freedom and stability."

Dr Sharma is part of a wider group of Indians who have moved to Germany in recent years, a figure that's been steadily rising following more accommodating visa regulations for highly skilled workers. Many well-educated and English-speaking Indians are acquiring jobs primarily in science, technology, engineering and maths – often high-paying fields. With full-time employees earning a median monthly wage of €4,974 (£4,253; $5,416), Indians now rank as the top immigrant earners in Europe's largest economy.

Indians in Germany are emblematic of a wider story linked to the largest diaspora group in history: according to the UN, around 18 million Indians now live overseas, in places including North America, Europe, the Middle East and other parts of Asia, such as Malaysia and Singapore. Economists say that amid this growth, the economic power of Indians has spread beyond their native borders, leaving a major global economic mark.

"Both in terms of the global economy and their own purchasing power, the impact is substantial," says V N Balasubramanyam, an economics professor at Lancaster University, UK.

The growing Indian diaspora is spending, saving and investing in a number of ways, both within India and across the world. According to the Reserve Bank of India, the bank accounts of non-resident Indians (NRIs) held in the country received $7.99bn (£6.27bn) between April 2022 and March 2023 – more than twice the $3.23bn (£2.54) in the prior fiscal year.

They are young people in the 30s who still have decades of work life ahead, are super ambitious and aspirational and big corporations want to hire them – Amrita Datta

"Migrants spend on housing and better education for their children, especially those from Kerala in South India who are living in the Gulf, and the IT workers and academics in the UK," says Balasubramanyam. In some cases, says Amrita Datta, a sociology lecturer at Bielefeld University, Indians are also changing economic patterns; in Germany, where they are still a niche diaspora group, many are buying property, which Datta says is a new trend in the country as traditionally, Germans don't buy their houses.

Datta adds many Indians in Germany are also moving into stock market trading, mutual funds and Bitcoin investments. An especially big factor in this mass capital movement is remittance payments back to India, which hit a record of $125bn (£98.2bn) in 2023, up from about $100bn (£78.5bn) the year before. These figures, says Balasubramanyam, are likely less than the actual sum – and only tell a sliver of the economic-impact story.

"It's not just remittances," he says, "It's also the impact that people coming and going from the country bring economically. They come back, establish a firm, train people and then leave again. So the to-and-fro diaspora group has been contributing significantly to industry, including to the Indian IT industry and especially within pharmaceuticals."

In the US, the world's largest economy based on GDP, Indians are emerging as the highest-earning ethnic minority group. Data from Pew Resarch Center in 2021 showed that amid a population of around 4.4 million, Indians born outside the US earn an average of $120,000 (£94,230) per year. South Asians more broadly account for a significant 29% of US Asian buying power – a whopping $381bn (£299bn) of economic influence.

Getty Images Indians living abroad are making large purchases, which are infusing money into local economies (Credit: Getty Images)Getty Images

Indians living abroad are making large purchases, which are infusing money into local economies (Credit: Getty Images)

They are using that spending power eagerly. Real estate investments account for a large portion, according to figures from New Delhi-based luxury real estate company DLF Ltd. NRIs purchased 20% of all homes sold by DLF between April and September 2023, up from 15% in the previous financial year. The pattern is global, with extensive demand for real estate also within the UK, Singapore and the Gulf. 

Strategic savings and investment choices also play a role in how capital is being retained and grown by this diaspora: something that Sharma identifies with. "The sort of upbringing that many get in India is that once you finish your education and get a job, you have to start thinking about where you put that money into. So, the next obvious step is a savings plan," she says.

Indeed, around 25% of NRIs prefer to choose low-risk investment options in India, while 18% of NRIs based in Canada prioritise retirement planning in their long-term investment strategies within their portfolios in India, followed by 16% in the UK and 12% in Singapore. "They're definitely using their money wisely, also investing as some do as private entrepreneurs in the United States, for example," agrees Balasubramanyam.

Amid a digitalised, globalised and free-market context, analysts say the Indian diaspora economic story will continue to reverberate globally, politics and visa policies permitting.

"The economic power of the Indian diaspora will continue to increase and be substantial, and what will be interesting is how the diaspora invests back home and develops joint ventures, which I also think will be significant," says Balasubramanyam. "It does depend on India's economic policy going forward, but for now, it's fairly liberal and will inspire much more." 

"These new migrants are able to move across different countries with open market policies. So, if they're in Germany today, they could be in the US or Canada tomorrow, because all these countries are also offering them comparable citizenship frameworks," adds Dutta. "They are young people in the 30s who still have decades of work life ahead, are super ambitious and aspirational and big corporations want to hire them because what they are contributing and what they're producing has a global consumer market. I think these highly skilled high-earners are going to continue make big contributions economically."-BBC

Trump poised for billions as stock market deal passes

Donald Trump appears to be scrambling for funds to pay a $464m (£365m) fraud fine. Could the stock market ride to his rescue?

Trump Media, which runs the social media platform Truth Social, is poised to become a publicly listed company, after a majority of shareholders of Digital World Acquisition Corp voted on Friday to acquire it.

Mr Trump is due to have a stake of at least 58% in the merged company, worth nearly $3bn at Digital World's current share prices.

It's an astonishing potential windfall for Mr Trump in exchange for a business whose own auditor warned last year it was at risk of failure.

Never mind the many red flags associated with the deal, including unresolved lawsuits from former business partners. There's also an $18m settlement that Digital World agreed to pay last year to resolve fraud charges over how the merger plan came together.

Shares in Digital World dropped more than 13% on Friday after the approval, ending the day at $36.94.

Backers of Digital World - the vast majority of whom are individual investors instead of Wall Street firms, many apparently Trump loyalists - seemed unfazed.

"This is just the start," Chad Nedohin, a deal supporter, said on his show DWAC Live on the video platform Rumble after the approval was announced. "There's no reason to freak out."

Digital World, or DWAC (pronounced D-whack), is what is known as a SPAC, or a shell business created expressly to buy another firm and take it public.

The company will now be renamed Trump Media & Technology Group and could start trading on the Nasdaq stock exchange under the ticker DJT as soon as next week.

The deal is unlikely to immediately resolve Mr Trump's most pressing financial issues, such as his New York fraud penalty.

The former president is barred from selling or transferring his shares for at least six months - though the new company could grant him an exemption.

Mr Trump could also try to get a loan, backed by the value of the shares. But in this case, analysts said a bank would probably lend him significantly less than the shares are worth on paper, given the potential risks of the business.

That hasn't stopped some of his supporters hoping their backing will help.

Mr Nedohin, who describes himself on his website as a Canadian "worship leader" and goes by Captain DWAC on Truth Social, declined to be interviewed.

But on his show this week he urged investors to approve the deal, speculating it could help the former president in his legal battles.

"If the merger is complete Friday at 10am and Trump all of a sudden has... shares of DJT that's worth three, four, five $10bn, who knows? He could easily leverage that to get a loan," he said.

He added: "This is putting your money where your mouth is for free speech, to save your country, potentially losing it all."

The risk that Digital World shareholders will lose money on their investment is significant, according to analysts.

Share prices are down from the highs they reached after plans to purchase Trump Media were announced in 2021.

But even after Friday's slide, they still imply Trump Media has a value of almost $5bn, which is a lot given it brought in just $3.3m in revenue in the first nine months of last year and lost nearly $50m.

The merger will provide an influx of more than $200m in cash to Trump Media, which it could use for growth and expansion.

But for now Truth Social, which launched to the general public in 2022, branding itself as an alternative to major social media platforms like Twitter and Facebook, remains small.

It claims about 8.9 million sign-ups and in regulatory filings Trump Media warns prospective investors that it does not track metrics like user growth or engagement that could give them a sense of its operations. And it says it has little intention of doing so.

Outside firms estimate Truth Social received about five million visits in February. By comparison, Elon Musk's X, formerly Twitter, and recently valued by one investor at about $14bn, received more than 100 million visits.

Analysts said Digital World was a prime example of a "meme stock", in which the share price is divorced from a company's fundamentals - and near-destined to fall, eventually.

"With Trump Media, I expect that it will collapse but whether it's going to occur a week from now or two years from now and how rapidly... those things are really difficult to predict," said University of Florida finance professor Jay Ritter, who tracks public listings.

Marco Iachini, senior vice-president of research at Vanda Securities, said individual investors piled into Digital World stock after the Trump deal was announced, and again in January, after he won the Iowa primary.

Ahead of the vote this week, he said there had been less activity, a sign that professional firms might be the ones driving the trading.

Whatever is motivating buyers, Mr Trump, whose main contributions to Trump Media have been his name and posts on the platform, appears poised to be the top beneficiary.

"It's an enormous transfer of value from [investors]... to Trump, which stands to be extremely lucrative for him," says Michael Ohlrogge, a law professor at New York University who has studied listings of companies such as Trump Media.-BBC

 Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2024

Company

Event

Venue

Date & Time

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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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

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