Major International Business Headlines Brief::: 26 March 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  26 March 2024 

 


                                                                                  

 

	
 


 

 


 

ü  Liberia: U.S.$96 Million Solar Farm to Boost Electricity Here

ü  Kenya's Kwanza Aims to Slash Cooking Oil Imports By Half Next Year

ü  Kenya: Lato Milk Maker to Establish Permanent Presence in Kenya

ü  Kenya's Mitumba Dealers Face Threat As EU Proposes Export Ban

ü  Ghana: Parliament Passes Law to Prohibit Payment of Compound Interest By State

ü  Nigeria: Exclusive - Binance Speaks On Escape of Executive From Nigerian Custody

ü  South Africa: Progress Made At Troublesome Power Stations

ü  Liberia: LRA Apologizes for Misinterpreting Law On Dutyfree Privileges to Lawrnakers

ü  Kenya: Ketraco Powers Kimuka Transmission Line, Locals to Enjoy Reliable Electricity

ü  Namibia: Joining Opec, Shaping International Energy Relations

ü  Boeing chief executive Dave Calhoun to leave as firm faces safety crisis

ü  Elon Musk's X anti-hate group case thrown out

ü  Canada's maple syrup reserve hits 16-year low

ü  Legoland and Alton Towers owner to charge more at peak times

ü  Apple, Meta and Google to be investigated by the EU

 


 

 


 <https://www.cloverleaf.co.zw/> Liberia: U.S.$96 Million Solar Farm to Boost Electricity Here

The Government of Liberia, with funding from the World Bank, West Regional, is expected to construct Liberia's first solar farm and expand the Mount Coffee Hydropower Plant in Louisiana, Montserrado County, from 88 Megawatts to 126 Megawatts.

 

Speaking in an exclusive interview with the NEW DAWN over the weekend after an assessment tour of the Mount Coffee Hydropower, the Corporate Communication Director of the Liberia Electricity Corporation (LEC), Philip Firley, said a total of US$96 million has been projected for both projects.

 

"The Mount Coffee expansion project is US$96m and goes for the expansion of the Mount Coffee and the Solar Energy Farm Project. A couple of the funding goes to Mount Coffee from 88mw to 126mw. And the Solar Farm, when constructed, will produce 20mw, while the St. Paul hydropower dam (SP2) will produce about 200 -250mw." Mr. Firley explained.

 

LEC CEO and World Bank West Regional Director in the photo and the group after the touring of the Mount Coffee Hydropower Plant for the expansion and the Solar Farm

 

He disclosed that blueprint and engineering designs for the solar farm construction have already commenced, and anytime soon, the project will kick start, adding that the Mount Coffee expansion and the Solar farm project will be situated at the same site.

 

"You were there, and you saw that the World Bank, through its delegation, has commenced the feasibility studies, having cleared with our CEO on the implementation and further studies as well regarding the project. With the touring of the facility and identification of the location for the farm, technically, it means works and studies have started," he pointed out.

 

He said the assessment would feed into the blueprint, which would finalize work for the solar farm and expansion of Mount Coffee Hydro and the blueprint for the SP2.

 

 

Mr. Fairley pointed out that currently, the LEC has an energy demand of 400 megawatts, and technically, if 126mw and the expansion project of Mount Coffee are completed with the 20mw solar farm project, besides 250mw of SP2, Liberians stand to enjoy sustainable electricity across the country.

 

According to him, they anticipate that all of these projects will be successful. He urges Liberians to exercise patience as all efforts are being exerted to address the country's age-old electricity problem.

 

A high-power delegation from the World Bank West Region office, Ministry of Mines and Energy, visited the Liberia Electricity Corporation Mount Coffee Hydropower Plant over the weekend.

 

The objective of the visit was to gather firsthand information on the exact location for constructing the Solar Farm and expanding the Mount Coffee Hydropower Plant.

 

Franz Drees-Gross, a U.S.-German national who serves as Director of Infrastructure in the World Bank's Africa West region, headed the team. Monie Captain, Executive Director of LEC, headed the PIU. The Ministry of Mines and Energy represented the Government of Liberia along with Project Manager Bill Harkins and Consultant William Thompson.

 

The joint assessment was in accordance with President Boakai's first Energy Sector Round Table, which was held at the Executive Mansion with key stakeholders in the sector. At the table, the President expressed 100% support for the project.

 

Liberia has faced consistent electricity challenges since the 14 years of civil war, during which every national infrastructure was destroyed.

 

Efforts by the first post-war democratic government following the 2005 elections with the support of partners to restore power have fallen below public demand.

 

- New Dawn.

 

 

 

 

Kenya's Kwanza Aims to Slash Cooking Oil Imports By Half Next Year

Kenya Kwanza government has initiated an initiative to boost local production of cooking oil by designating 200,000 acres for sunflower cultivation this season, to reduce imports by 50 percent by July next year.

 

In a bid to curtail imports and mitigate the soaring cost of living, the government intends to facilitate the establishment of cottage industries across each county, devoted to the processing of cooking oil at the local level.

 

Presidential Advisor on Food Security, Dominic Menjo, unveiled the broad plans, disclosing that efforts are already in motion to place 200,000 acres under sunflower cultivation commencing in the current rain season with an additional two million acres in October.

 

 

The government, eyeing an annual production target of 40 million liters of cooking oil valued at Ksh8 billion, anticipates a substantial return of Ksh10 billion to farmers.

 

"Government will support MSMEs to establish cottage industries specifically in access to affordable finance for procuring oil presses and packaging material," said Dr Menjo.

 

Stressing the impact of the project, Dr Menjo highlighted how these oil presses would empower farmers to not only produce oil for personal use but also engage in commercial sales within their communities, thus augmenting their income streams.

 

In the long run, the State plans to put 100,000 acres of land under palm oil by 2027 and already 50,000 acres has been identified in Homabay and Siaya Counties. At least 2.5 million seed are being developed at Kenya Agriculture and Livestock Organisation Alupe centre. Another 120,000 acres will be put under the cover of Canola.

 

The Ministry, through the Agriculture and Food Authority, formulated The Edible Oil Crops Promotion Project (EOCPP) whose overall objective is to promote the production of edible oil crops in various counties.

 

Under the Agriculture and Food Authority umbrella, the government has instituted the Edible Oil Crops Promotion Project (EOCPP), aimed at catalysing the production of edible oil crops across various counties.

 

Ken Lusaka, Chair of the Agriculture Committee at the Council of Governors, lauded the initiative, affirming the readiness of devolved units to actively participate in cultivating these oil crops to enhance farmer livelihoods and bolster cooking oil availability.

 

Agriculture Cabinet Secretary, Mithika Linturi, underscored the government's commitment to addressing the country's reliance on oil imports.

 

With Kenya's annual consumption of edible oil estimated at 900,000 tonnes, against a meager domestic production of 80,000 tonnes, Mr Linturi stressed the importance of boosting local production to bridge the glaring deficit of 820,000 tonnes currently met through imports.

 

- Business Day Africa.

 

 

 

 

Kenya: Lato Milk Maker to Establish Permanent Presence in Kenya

Pearl Dairy, the Ugandan-based manufacturer renowned for its Lato milk brand, is poised to establish a permanent presence in Kenya with the recent approval of its expansion plan, entailing the acquisition of a plant located in Nyamira.

 

Having leased Highland Creamers and Food Limited since 2020 for the processing of their Lato brand in Kenya due to export restrictions imposed by Kenyan authorities in 2019, Pearl Dairy is now set to assume full ownership of the processor following the green light from the Comesa Competition Commission.

 

Last year, Pearl Dairy formally applied for the acquisition of Highland Creamers & Food Limited as part of its initiative to bolster its footprint in Kenya.

 

 

The approval from both the Comesa Competition Commission (CCC) and the Competition Authority of Kenya (CAK) now sets the stage foe heightened competition with other established players such as New KCC and Brookside.

 

Notably, Pearl Dairy submitted the acquisition notification through Maziwa, a non-operating holding company incorporated in Mauritius.

 

In its notification to the CCC, Pearl Dairy highlighted that the move would establish a dual-country manufacturing setup, thereby streamlining turnaround times for customers and enhancing value-addition in both Kenya and Uganda.

 

The trade dynamics between Kenya and Uganda, particularly in the milk sector, have been historically complex, with Nairobi imposing restrictions on dairy imports from Uganda following complaints from local farmers.

 

In 2019, Kenyan farmers voiced concerns over the influx of low-cost Ugandan milk, which led to a significant drop in milk prices to as low as Ksh19 per liter. However, prices have since rebounded, with the same quantity now fetching over Sh35.

 

The expansion by Pearl Dairy comes as a major development in the regional dairy industry, promising increased competition and a potential low price for consumers.

 

- Business Day Africa.

 

 

 

 

Kenya's Mitumba Dealers Face Threat As EU Proposes Export Ban

France, Denmark, and Finland have jointly proposed stringent limitations on the export of second-hand garments (mitumba) to Kenya, a move poised to significantly impact the East African nation heavily reliant on such apparel imports.

 

Citing concerns over exacerbating pollution in the region, the European trio contends that the exportation of second-hand garments often culminates in their disposal in landfills.

 

A study conducted last year on second-hand clothing in Nairobi revealed that a minimum of one to two percent of imported bales ultimately end up as waste.

 

 

Advocating for adherence to the Basel Convention on used textiles, the proposal seeks to bar the export of hazardous textile waste and necessitate prior informed consent for importing such waste.

 

"The export of textile waste from the EU to developing countries causes significant environmental, social, and health problems. The EU has to put an end to this practice," remarked Soren Jacobsen, Denmark's Deputy Permanent Representative to the EU, during an Environment Council meeting in Brussels on Monday, as reported by Reuters.

 

The surge in reuse driven by environmental concerns in the Western world has led to a decline in the influx of high-quality items to Africa. Consequently, the majority of current imports comprise inexpensive Chinese clothes, further exacerbating the importation of waste.

 

Kenya stands as one of sub-Saharan Africa's largest importers of second-hand clothing, having imported 185,000 tonnes of "mitumba" in 2019, according to a 2020 report by the Institute of Economic Affairs. Notably, recent figures indicate a stark rise to 1.4 million tonnes as of 2022, as per UN Trade statistics.

 

The proposed inclusion of used clothing in the Basel Convention aims to curtail, if not halt entirely, exports of such garments from the EU. Instead, it aims to foster the development of textile recycling within the bloc.

 

The contentious issue of banning "mitumba" garments has sparked debates, with some quarters attributing it to the demise of the local cotton industry.

 

Opponents argue that since the advent of second-hand clothing in Kenya, cotton production has plummeted to a mere 7,000 tonnes annually currently, from a potential 200,000 tonnes witnessed in early 80s.

 

Consequently, the nation resorts to importing approximately 11,000 tonnes of cotton from neighboring countries annually to bridge the export gap of 200,000 tonnes.

 

- Business Day Africa.

 

 

 

 

Ghana: Parliament Passes Law to Prohibit Payment of Compound Interest By State

A law to prohibit the payment of compound interest by the state in transactions entered into on her behalf by public officers, has been passed by Parliament and assented to by the President.

 

The law, the contracts (Amendment) Act, 2023 (Act 1114), sponsored by the Attorney-General and Minister for Justice, Godfred Yeboah Dame in 2023, was passed by Parliament in July, 2023 but was presented to the President for his assent only on March, 5, 2024, who duly assented to it March 8, 2024.

 

According to the Attorney-General, the law seeks to curb the inimical tendency on the part of public officers to enter into contracts with high rates of interest especially compound interest, which result in huge financial loss to the state.

 

 

This important amendment to the Contracts Act was motivated by observations he made in various actions in which he defended the state in huge judgment debt cases.

 

Most of the gargantuan claims against the state, he observed, were a result of the accumulation of compound interest which was usually levied and awarded by the courts. As a result of the latest amendment

 

to the Contracts Act (Act 1114), public officers are prohibited from entering into a contract on behalf of the state in which the rate of interest is stipulated as compound interest.

 

 

In another development, a Bill known as the Criminal and Other Offences (Procedure) (Amendment) Bill, also sponsored by the Attorney-General and Minister for Justice, has been laid in Parliament. The bill was approved by Cabinet on February 2, 2024.

 

On Thursday, March 14, 2024, the bill was laid in Parliament by Mr Godfred Yeboah Dame, underwent the first reading and was immediately referred to the Committee on Constitutional and Legal Affairs to consider.

 

The bill introduces substantial

 

reform of the criminal procedure laws of this country, with the ultimate objective of speeding up the adjudication of criminal cases.

 

The new measures proposed include scrapping trials on indictment except where the offence is punishable by death as enjoined under the Constitution or other substantive law, provision for trials to proceed where an accused person is not personally present in court and provision for day-to-day trial of all criminal cases except where same is impracticable.

 

The bill also restricts interlocutory appeals to only after a determination by the trial court of a submission of no case and provides for examination of witnesses by video conferencing.

 

The bill also seeks to reform the jury trial system by reducing the list of exemptions from jury service, changing the composition of the jury (by addition of alternate jurors) and many other matters.

 

The Attorney-General is optimistic that these measures will significantly modernise criminal justice administration in the country and bring it in line with practices in more advanced democracies like the United Kingdom and the United States of America, and called on members of the public, the Bar and all stakeholders interested in the administration of justice to throw their full weight behind the bill for its swift passage by Parliament into law

 

- Ghanaian Times.

 

 

 

 

Nigeria: Exclusive - Binance Speaks On Escape of Executive From Nigerian Custody

Mr Anjarwalla escaped a day after the Nigerian government slammed a four-count criminal charge on him, Tigran Gambaryan and Binance.

 

Global cryptocurrency exchange platform Binance on Monday said it is collaborating with local authorities in Nigeria to ensure the safety of its employees and resolve all lingering issues with the Nigerian government.

 

Earlier on Monday, PREMIUM TIMES exclusively reported how Nadeem Anjarwalla, one of the two Binance executives detained in Nigeria for alleged tax evasion and other offences, escaped from lawful custody, according to those familiar with the matter.

 

Our sources said 38-year-old Mr Anjarwalla escaped on Friday, 23 March, from the Abuja guest house where he and his colleague were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.

 

The Briton, who also has Kenyan citizenship, is believed to have flown out of Abuja using a Middle East airliner.

 

 

Authorities are also said to be working to unravel his intended destination in a bid to get him back into custody.

 

An Immigration official said the Binance executive fled Nigeria on a Kenyan passport. He, however, said authorities were trying to determine how he obtained the passport, given that he had no other travel document (apart from the British passport) on him when he was taken into custody.

 

Another source said the two officials were held at a "comfortable guest house" and allowed many rights, including the use of telephones, a privilege Mr Anjarwalla is believed to have exploited to plot an escape.

 

Binance Speaks

 

In an email exchange with PREMIUM TIMES Monday morning, the crypto exchange platform disclosed that it was informed that Mr Anjarwalla was no longer in Nigerian custody. When asked about specific details of his whereabouts, Binance said it is primarily concerned about the safety of its employees.

 

 

"We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue," a Binance spokesperson said.

 

As of press time Monday afternoon, it remains unclear how Mr Anjarwalla got on an international flight despite his British passport, with which he entered Nigeria, remaining in the custody of the Nigerian authorities according to sources familiar with the matter.

 

When contacted Sunday night on the escape of the Binance executive from detention, the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, said he would enquire and revert. He has yet to do so as of the time of filing this report.

 

 

Mr Anjarwalla, Binance's Africa regional manager, and Tigran Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, were detained upon their arrival in Nigeria on 26 February 2024.

 

A criminal charge was filed against the two executives before a Magistrate Court in Abuja. On 28 February 2024, the court granted the Economic and Financial Crimes Commission (EFCC) an order to remand the duo for 14 days. The court also ordered Binance to provide the Nigerian government with the data/information of Nigerians trading on its platform.

 

Following Binance's refusal to comply with the order, the court extended the remand of the officials for an additional 14 days to prevent them from tampering with evidence. The court then adjourned the case till 4 April 2024.

 

In March, the Nigerian government approached the Federal High Court in Abuja and slammed another four-count charge on Binance Holdings Limited, Mr Anjarwalla and Mr Gambaryan, accusing them of offering services to subscribers on their platform while failing to register with the Federal Inland Revenue Service to pay all relevant taxes administered by the Service and in so doing, committed an offence, contrary to and punishable under Section 8 of the Value Added Tax Act of 1993 (as Amended).

 

The Nigerian government had, in the past three months, been cracking down on suspected money launderers and terrorism financiers, some of whom it alleged are using the Binance platform for criminal activities

 

The Nigerian government said over $21.6 billion was traded by Nigerians whose identities were concealed by Binance. The government also claimed its investigations revealed that unscrupulous elements were using Binance for money laundering, terrorist financing, currency speculation and market manipulation, distorting the Nigerian economy and weakening the Naira against other currencies

 

The detention of Binance officials in Nigeria began months after the crypto exchange platform pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied by the US Department of Justice.

 

Binance founder and CEO Changpeng Zhao, also known as CZ, pleaded guilty and agreed to resign. His criminal trial has been postponed to 30 April by a US court.

 

On Monday, the federal government of Nigeria also initiated criminal proceedings against Binance.

 

Among the charges levelled against Binance are allegations of non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

 

The government also alleged that Binance failed to register with the Federal Inland Revenue Service (FIRS) for tax purposes and contravened existing tax regulations within the country.

 

- Premium Times.

 

 

 

 

South Africa: Progress Made At Troublesome Power Stations

Eskom Group Executive for Generation, Bheki Nxumalo, says although challenges continue, at least five power stations identified for attention and intervention are beginning to show improvement.

 

Nxumalo was speaking during an Energy Action Plan (EAP) media briefing on Monday.

 

"One of the stations identified was Kusile Power Station, where we were running one unit and it was also not running at full capacity. At Kusile now, we have actually taken it out of recovery station because it is running exceptionally well, on average above 90% availability.

 

"It shows that we have taken the lessons from Medupi [power station], which has been consistently running at those levels. Kusile has now turned the corner," he said.

 

 

Kusile power station is located in Mpumalanga.

 

Meanwhile, improvements are being seen at the Majuba, Matla, Duvha and Kriel power stations, which are all located in Mpumalanga.

 

"With the work that we've done, we've seen a significant improvement at Majuba in terms of reduction of partial load losses and also trips at that plant. That plant is also running exceptionally well, so is Matla power station as well.

 

"Duvha has been doing exceptionally well, except for the boiler failures but on average, Duvha is on the right track. It is actually performing much better than it was a year ago. Kriel power station is also seeing good improvement," he said.

 

Nxumalo conceded that Kendal and Tutuka power stations "have not improved as expected".

 

 

"We understand why. With Tutuka... we are starting to commission those units so in the next two months, we are going through a major commissioning period. We expect that Tutuka will start performing much better than what has happened.

 

"Kendal we understand the issues there [and] we are now also starting to commission the units. We are dealing with both the partial [load losses] and the unavailability," he said.

 

Load shedding

 

Meanwhile, Eskom has suspended load shedding between 5am and 4pm daily followed by Stage 2 load shedding in the evening. This pattern will be repeated until further notice.

 

"Load shedding will be suspended... until 4pm on Monday when Stage 2 load shedding will be implemented until 5am on Tuesday.

 

"This pattern of suspending load shedding from 5am until 4pm and Stage 2 load shedding from 4pm until 5am will be repeated daily until further notice," the power utility said on social media platform, X.

 

- SAnews.gov.za.

 

 

 

 

Liberia: LRA Apologizes for Misinterpreting Law On Dutyfree Privileges to Lawrnakers

The House of Representatives leadership held a constructive conversation today on Capitol Hill with the Commissioner General of the Liberia Revenue Authority (LRA), Dorbor Jallah, and his legal counsel, Cllr. Negbalee Warner.

 

At the end of the discussion, the Commissioner General agreed with the Minister of Justice that the LRA had misinterpreted the law and apologized for disallowing the duty-free privileges of lawmakers under the Revenue Code of 2000.

 

The Commissioner General then committed to following the law, which has granted duty-free privileges to lawmakers since its passage.

 

Duty-free privileges allow lawmakers to respond to the charitable needs of their various constituents while they serve and will remain in place.

 

The Legislature has already capped duty-free privileges to ensure that this vital allowance under the law isn't abused and that LRA collects the maximum amount of taxes possible.

 

The House of Representatives is committed to promoting transparency and accountability at all levels and will do absolutely nothing to stop the collection of lawful Revenues for Liberia.

 

- New Dawn.

 

 

 

 

 

Kenya: Ketraco Powers Kimuka Transmission Line, Locals to Enjoy Reliable Electricity

Nairobi — The Kenya Electricity Transmission Company (KETRACO) has successfully energized the 220/66 kilovolt (kV) Kimuka Substation transmission line, providing stable and reliable electricity to residents in Kimuka and surrounding areas.

 

The power transmitter says that this alleviates the strain on existing infrastructure by transferring load from Nairobi North Substation to Kimuka, reducing the risk of system instability and improving power evacuation from green sources like geothermal, wind, and hydroelectric imports from Suswa to Nairobi.

 

"This project supports Bottom Up Economic Transformation Agenda (BETA) by increasing access to affordable power and improvement of system efficiency and reliability for existing and proposed industrial and domestic loads in Magadi and Ngong, Karen and its environs hence improve social economic benefits of those areas," said KETRACO MD John Mativo.

 

 

The project is part of the Nairobi Ring and Associated Substations initiative, aiming to enhance power supply to the Nairobi Metropolitan Region.

 

It involves constructing a 103-kilometer, 400-kV double-circuit line from Suswa to the Isinya substation, along with substations at Suswa, Isinya, Kimuka, Athi River, and Komarock.

 

Financed by various entities, including the Agence Française de Développement (AFD), the European Investment Bank (EIB), and the Government of Kenya (GoK), the project is valued at Sh16.9 billion.

 

Aligned with Kenya's Vision 2030, the project addresses key challenges in the energy sector by strengthening the system's capacity, improving transfer capacity.

 

Notably, it will provide a reliable power supply to vital areas such as Konza Technopolis and the electrified SGR, benefiting from multiple power sources once the project is completed.

 

Moreover, the Suswa-Isinya transmission line will bolster grid connectivity across Kenya and neighboring countries, ensuring stable power supply for regional interconnectors.

 

- Capital FM.

 

 

 

 

Namibia: Joining Opec, Shaping International Energy Relations

Namibia's possible interest in joining the Organisation of Petroleum Exporting Countries might originate from a number of foreign relations considerations:

 

Membership in Opec would allow Namibia to take a more active role in global energy governance. Namibia might help to solve energy-related concerns like climate change and energy security on the continent and beyond by participating in debates and decision-making processes inside the organisation.

 

Namibia, despite its lack of considerable oil production, may aim to assure its energy security by joining with large oil producers. Opec membership might give Namibia access to energy-related resources, technology, and knowledge, enhancing its ability to fulfil local energy demands and minimise reliance on external suppliers.

 

 

Namibia's Opec membership allows it to influence global oil prices. Namibia may be able to negotiate higher prices for its oil exports by coordinating production quotas with other members, improving government revenue and national income.

 

Opec offers technical support, knowledge sharing, and research opportunities to its members. This access to experience may improve Namibia's oil exploration, production, and refining capacities.

 

Membership has the potential to attract foreign investment from other Opec members, resulting in enhanced exploration operations and infrastructure development in Namibia's oil sector. Namibia's current oil production is minimal in comparison to other Opec members. Joining might not have a big impact on the organisation's overall production plan.

 

 

Additionally, Namibia may explore merging with other African oil producers to increase their collective negotiating leverage inside Opec. It will also support Namibia's long-term energy policy; by joining Opec, Namibia's long-term energy policy, which might favour diversification towards renewable energy sources, this will be enhanced and accelerated.

 

Furthermore, Opec, as a prominent multinational group, may boost Namibia's diplomatic position in the global arena and give Namibia more bargaining power in international discussions. Joining Opec might increase Namibia's regional influence and position on African and global issues.

 

Membership in a renowned international organisation could increase Namibia's diplomatic power and promote closer relations with other oil-producing countries, strengthening its standing in regional and international forums.

 

However, Namibia's decision to join Opec does not come without challenges:

 

Namibia's oil production is quite low when compared to other Opec members. This may raise concerns about its capacity to significantly alter output quotas. Namibia's oil sector is significantly reliant on foreign experience and technology. Joining Opec might put pressure on the organisation to prioritise its interests before national advantages.

 

The effect of Opec on oil prices has the potential to cause market volatility, which might harm Namibia's long-term economic stability.

 

Therefore, Namibia's decision to join Opec will be based on a detailed assessment of the prospective advantages and cons. The international relations side entails weighing economic benefits against possible constraints in production flexibility, reliance on global oil prices, and diplomatic obstacles.

 

Namibia will have to assess these variables against its long-term energy ambitions and regional dynamics before making a final choice.

 

* Wade Henckert is a political analyst.

 

- New Era.

 

 

 

 

Boeing chief executive Dave Calhoun to leave as firm faces safety crisis

Boeing boss Dave Calhoun will leave at the end of this year amid a deepening crisis over the firm's safety record.

 

Boeing also said that the head of its commercial airlines division will retire immediately while its chairman will not stand for re-election.

 

The firm is under pressure after an unused door blew out of a Boeing 737 Max in January shortly after take-off.

 

No-one was injured but the firm's safety and quality control standards came under renewed scrutiny.

 

Mr Calhoun took on the chief executive role in early 2020 after the previous boss, Dennis Muilenburg, was ousted in the aftermath of one of the biggest scandals in Boeing's history.

 

 

Within the space of five months, two brand new 737 Max planes had been lost in almost identical accidents that claimed the lives of 346 passengers and crew.

 

A board member at the time, after being made boss Mr Calhoun promised to strengthen Boeing's "safety culture" and "rebuild trust".

 

However, in January this year a disused emergency exit door blew off a new Alaska Airlines Boeing 737 Max shortly after take-off from Portland International Airport.

 

An initial report from the US National Transportation Safety Board concluded that four bolts meant to attach the door securely to the aircraft had not been fitted.

 

Boeing is facing a criminal investigation into the incident itself, as well as legal action from passengers aboard the plane.

 

 

Many analysts said a change in Boeing's leadership was overdue.

 

"A shake-up at the top is necessary," said Stewart Glickman, equity analyst at CFRA Research, adding that he believed the current crisis stemmed from problems in the firm's corporate culture that only fresh insight would be able to fix.

 

"I don't think you can change the culture with internal voices because I think this has been modus operandi for this company for too long."

 

In a letter to staff on Monday, Mr Calhoun described the Alaska Airlines incident as a "watershed moment" for Boeing and said it had to respond with "humility and complete transparency".

 

"The eyes of the world are on us, and I know that we will come through this moment a better company," he said.

 

 

Air safety campaigner Ed Pierson, a former senior manager at Boeing's 737 factory in Renton, Washington, said Mr Calhoun had had years to try to boost safety at the company.

 

"It's been one failure after the other," said Mr Pierson, who is now executive director at The Foundation for Aviation Safety.

 

"The company deserves much better leadership and the people who get on these airplanes deserve much better leadership."

 

FBI probes mid-air blowout on Alaska Airlines flight

How much trouble is Boeing in?

The blowout had tested Boeing's relationships with its airline customers and regulators in Washington, reviving concerns that the company's corporate culture had focused on speed of production ahead of safety.

 

 

The Federal Aviation Administration said earlier this month that a six-week audit of the 737 Max production process at Boeing and its supplier Spirit Aerosystems had found "multiple instances where the companies failed to comply with manufacturing quality control requirements".

 

 

 

1:11

Watch: 'Trip from hell': On board flight during mid-air blowout

Another report into Boeing's safety culture by an expert panel found a "disconnect" between senior management and regular staff, as well as signs that staff were hesitant about reporting problems for fear of retaliation.

 

After the two plane crashes in October 2018 and 2019, it was discovered that flawed flight control software caused the incidents - details of which Boeing was accused of deliberately concealing from regulators.

 

The company agreed to pay $2.5bn (£1.8bn) to settle fraud charges and admitted deception, though in later court hearings it formally pleaded not guilty.

 

 

It subsequently faced widespread accusations that it had put profits ahead of passengers' lives.

 

Mark Pegram, whose 25-year-old son Sam died when Ethiopian Airlines 737 Max crashed in 2019, said Mr Calhoun had appeared to have been brought in to say what investors wanted to hear and "not fix the cause of the problems that were making planes fall out of the sky".

 

He said he was pleased by the change but disappointed it had taken so long.

 

"It's something we've been calling for for quite some time now," he said.

 

The crisis at Boeing has caused wider disruption in the travel industry as the company, one of the world's two major jet-makers, slows its manufacturing lines to try to get a grip on the problems.

 

 

Airlines, including Ryanair, have warned of higher ticket prices and more limited flight schedules as they face delayed aircraft deliveries. On Monday, Ryanair's chief executive Michael O'Leary said that the company "welcomed" Boeing's management changes, specifically the departure of Stan Deal will is leaving his role as head of the commercial airlines division immediately.

 

Mr O'Leary said: "Stan Deal has done a great sales job for Boeing for many years but he is not the person to turnaround the operation in Seattle and that's where most of the problems have been in recent years."

 

Scott Hamilton, managing director of Seattle-based aircraft and economics research firm Leeham Company, told the BBC's Today programme: "I've never quite understood O'Leary's defence of Calhoun.

 

"I certainly understand his criticism of Stan Deal, now the former chief executive of Boeing commercial airplanes. but I've never understood his defence of Calhoun quite frankly."

 

Mr Hamilton added: "I think the rank and file [at Boeing] are happy to see the changes. The unknown, of course, is who is going to come in to replace Calhoun."

 

 

Speculation has already started on who that might be but the pool of people with qualifications for such a job is small.

 

Air transport consultant John Strickland of JLS Consulting warned that the hard work for the company was still ahead.

 

"It's all very well to get rid of people but what are you going to do to keep the steering the business," Mr Strickland said. "This is much easier said than done."

 

Shares in the company rose more than 1% after the changes were announced.

 

Mr Deal will will be replaced as head of Boeing's commercial airlines division by Stephanie Pope who has spent the past three months working as Boeing's chief operating officer.-BBC

 

 

 

Elon Musk's X anti-hate group case thrown out

A US judge has thrown out a lawsuit brought by Elon Musk's social media firm X against a group that had claimed that hate speech had risen on the platform since the tech tycoon took over.

 

X had accused the Center for Countering Digital Hate (CCDH) of taking "unlawful" steps to access its data.

 

The US judge dismissed the case and said it was "evident" Mr Musk's X Corp did not like criticism.

 

X said it planned to appeal.

 

Imran Ahmed, founder and chief executive of CCDH, celebrated the win, saying Mr Musk had conducted a "loud, hypocritical campaign" of harassment and abuse against his organisation in an attempt to "avoid taking responsibility for his own decisions".

 

"The courts today have affirmed our fundamental right to research, to speak, to advocate, and to hold accountable social media companies" he said, adding that he hoped the ruling would "embolden" others to "continue and even intensify" similar work.

 

It is a striking loss for the billionaire, a self-described "free-speech absolutist".

 

 

The company, formerly known as Twitter, launched its lawsuit against CCDH in 2023, claiming its researchers had cherry-picked data to create misleading reports about X.

 

It accused the group of "intentionally and unlawfully" scraping data from X, in violation of its terms of service, in order to produce its research.

 

It said the non-profit group designed a "scare campaign" to drive away advertisers, and it demanded tens of millions of dollars in damages.

 

But in his decision Judge Charles Breyer said Mr Musk was "punishing the defendants for their speech".

 

Judge Breyer said X appeared "far more concerned about CCDH's speech than it is its data collection methods".

 

He said the company had "brought this case in order to punish CCDH for ... publications that criticised X Corp - and perhaps in order to dissuade others who might wish to engage in such criticism".

 

Mr Musk purchased the platform in 2022 for $44bn (£34bn) and swiftly embarked on a slew of controversial changes, sharply reducing its workforce with deep cuts to teams in charge of content moderation and other areas.

 

 

His own posts have also drawn charges of anti-semitism, a claim he has denied.-BBC

 

 

 

 

 

Canada's maple syrup reserve hits 16-year low

Canada's maple syrup reserve - the world's only - has reached a 16-year low, raising questions about the future of a globally loved sweet staple in the face of climate change.

 

The reserve, located in Quebec, is designed to hold 133 million pounds of maple syrup at any given year.

 

But in 2023, the supply fell to 6.9 million pounds (3.1 million kg).

 

Experts link the shortage to both a rise in demand and warmer weather, which has disrupted production.

 

But they say that this will not affect the availability or price of maple syrup to consumers - at least for now.

 

"The strategic reserve is holding its lowest amount of maple syrup since 2008," Simon Doré-Ouellet, the deputy director general of the Quebec Maple Syrup Producers, told the BBC. "But we do not foresee any supply issues in the near future."

 

Canada's billion-dollar maple syrup industry accounts for 75% of the world's entire maple syrup production.

 

According to national data, a majority of that - around 90% - is produced in the province of Quebec, where the world's sole strategic reserve of maple syrup was set up 24 years ago.

 

The amount of maple syrup in the national reserve - stored in tens of thousands of barrels in several warehouses across Quebec - has dwindled significantly since 2020. That year, the reserve had more than 103 million pounds of the sticky product.

 

Now, the amount in the reserve is only 7% of what it was four years ago.

 

Part of the reason why, Mr Doré-Ouellet said, is because of poor harvest seasons over the last few years.

 

 

 

1:36

Watch: Maple syrup's bittersweet future in face of climate change

Maple syrup production, which is typically done between early March and late April, relies heavily on a delicate balance of below freezing overnight temperatures and warmer daytime temperatures above 0C (32F).

 

The cold temperatures help the maple tree absorb water from the soil, while the warmer weather during the day creates pressure that pushes water down to the bottom of the tree, making it easier to harvest the sap.

 

In 2021 and 2023, warmer spring temperatures felt across the country resulted in a reduction in maple syrup production, which fell 21% in 2021 from the year prior.

 

This reduction, however, came on the heels of two consecutive record years of production, in 2020 and 2019.

 

Mr Doré-Ouellet said that because of the harvest unpredictability, fluctuations in the reserve's supply are not unusual.

 

"The strategic reserve was put in place to stabilise supply - which is highly weather dependent - for buyers," he said. "In the last four years, that is exactly what it has done."

 

Coupled with the poor harvest years is a rising demand for for the golden product.

 

In 2021, Canada exported 161 million pounds of maple syrup to 71 countries worldwide - an increase of more than 19% from the year before.

 

Mr Doré-Ouellet said the growth in demand is tied to Quebec's efforts to promote Canadian maple syrup and its benefits to other countries, primarily the US, UK, Germany, Australia and Japan.

 

Maple producers eye global domination

With the reserve supply dwindling in the face of growing demand, many are keen to see how the upcoming harvest season unfolds.

 

Canada is coming out of one of its warmest winters on record. Temperatures in December, January and February were the warmest since record-keeping began in 1948.

 

Despite this, Mr Doré-Ouellet said there is reason to be optimistic.

 

"The sugaring season has come early this year and is still underway," he said. "So far, production has been plentiful and the weather forecasts are encouraging for the next few weeks all across Quebec."

 

Because the reserve stabilises the maple syrup market for producers and buyers, he said it is important that it be built back up.

 

Efforts to do so are already underway, including the release of 14 million new taps to producers over the last three years to bolster harvesting efforts, he said.

 

Mr Doré-Ouellet did note that replenishing Canada's maple syrup supply is a "multi-year process", adding that he believes the outcome of the 2024 season will not "make or break" the future of Canada's most iconic export.-BBC

 

 

 

 

Legoland and Alton Towers owner to charge more at peak times

The owner of theme parks including Alton Towers and Legoland is to make it more costly to visit on a sunny bank holiday than a rainy day midweek.

 

Merlin Entertainments, which also runs the London Eye and Madame Tussauds, is introducing "dynamic pricing" so prices can respond faster to weather and demand.

 

Merlin said it would help offset a decline in visitors since the pandemic.

 

Around 20 of its global venues will see the changes this year.

 

Merlin Entertainments already uses off-peak and peak time pricing which, like many organisations, allows seasonal fluctuations to dictate demand and therefore price.

 

But the introduction of machine learning will make flexible ticket pricing faster and more detailed.

 

Is surge pricing a fair way to manage demand?

For example, if a sunny Saturday during the summer holiday turns out to be less busy than expected, the firm could lower ticket prices on the day.

 

Similarly, if a winter's day unexpectedly turns out to be busy, prices could rise higher than current off-peak prices, even during what is normally considered a cheaper time to visit.

 

Merlin said in a statement that such a pricing structure "makes sure that the peak period experience is optimised by avoiding overcrowding".

 

It added that "these changes enable greater flexibility for guests booking online to choose discounted prices for select dates and times".

 

"We had it in 2023 and we had the highest guest satisfaction scores in the history of the company, and seven million additional guests," chief executive Scott O'Neil said. "So we're definitely getting the signal that our processes are moving in the right direction".

 

However, there has been some criticism of the "dynamic pricing" model used by companies such as Uber and restaurants, partly due to its lack of transparency about why prices are high some of the time.

 

In February, US burger chain Wendy's was quick to clarify that it was not introducing dynamic, or "surge" pricing. One of the company's most high-profile critics, left-wing senator Elizabeth Warren, said the plans meant people "could pay more for your lunch, even if the cost to Wendy's stays exactly the same".

 

Meanwhile, Mr O'Neil said "dynamic" pricing would help "protect the guest experience" during busier times of the year by managing queues, where waits of more than an hour are routine.

 

Merlin said on Monday it had made record revenues of £2.1bn in 2023, an increase of 8% year on year, with much of the revenue coming from international tourists visiting the capital. Nearly one in every four visitors to London came to a Merlin attraction, the company said.-BBC

 

 

 

 

Apple, Meta and Google to be investigated by the EU

The EU has announced investigations into some of the biggest tech firms in the world over uncompetitive practices.

 

Meta, Apple, and Alphabet, which owns Google, are being looked into for potential breaches of the Digital Markets Act (DMA) introduced in 2022.

 

If they are found to have broken the rules, the firms can face huge fines of up to 10% of their annual turnover.

 

EU antitrust boss Margrethe Vestager and industry head Thierry Breton announced the investigations on Monday.

 

Just six companies have obligations under the DMA, but they are also the world's largest tech firms: Alphabet, Apple, Meta, Amazon, Microsoft and ByteDance.

 

None of the firms are actually based in Europe - five of them are in the US, while ByteDance has headquarters in Beijing.

 

Three of them are now facing questions just two weeks after submitting their compliance reports, which will have been meticulously compiled.

 

It comes three weeks after the EU fined Apple €1.8bn (£1.5bn) for breaking competition laws over music streaming.

 

Meanwhile, the United States accused Apple of monopolising the smartphone market in a landmark lawsuit against the tech giant introduced last week.

 

An Apple spokesperson says the company will constructively engage with the investigation and that they're confident that their plan complies with the Digital Markets Act.

 

They added that their teams established a variety of mechanisms to comply with the EU's landmark legislation, as well as privacy and security protections for EU users.

 

"Throughout, we've demonstrated flexibility and responsiveness to the European Commission and developers, listening and incorporating their feedback," they said.

 

Meanwhile a Meta spokesperson said the firm's use of subscriptions as an alternative to advertising were "a well-established business model across many industries".

 

"We designed Subscription for No Ads to address several overlapping regulatory obligations, including the DMA... we will continue to engage constructively with the Commission," they said.

 

Alphabet has been approached for comment.

 

Five investigations

The EU said it will investigate five different possible acts of non-compliance in its announcement:

 

1 & 2 - Whether Apple and Alphabet are not allowing apps to freely communicate with users and make contracts with them

3 - Whether Apple is not giving users enough choice

4 - Whether Meta is unfairly asking people to pay to avoid their data being used for adverts

5 - Whether Google preferences the firm's own goods and services in search results

The first two of these investigations concern what is known as "anti-steering" - and the EU says it believes the firms are making it difficult for apps to tell users about ways to pay less for their services outside of using app stores' own payment methods.

 

Under the third point, the EU says that Apple is obliged to allow users to easily uninstall apps on their devices, change default settings and be given "choice screens" to let them use different browsers or search engines.

 

The EU says Apple's web browser "choice screen" does not give people enough choice, and said that some apps, such as Apple Photos, cannot be deleted at all.

 

According to Ms Vestager, the investigation will take around 12 months to complete - though Mr Breton later clarified it could take slightly longer.

 

"We suspect that the suggested solutions put forward by the three companies do not fully comply with the DMA," she said.

 

"We will now investigate the companies' compliance with the DMA, to ensure open and contestable digital markets in Europe."

 

The five cases are consumer-focused, and highly relatable to most people who use products from these companies, which is collectively billions of people worldwide.

 

"We're talking about the protection of our citizens, we can't just sit around and wait," said Thierry Breton, of the EU's decision to act straight away.

 

There is however another reason potentially in mind: European Parliament elections are due to be held in June 2024.

 

Dr Rupprecht Podszun, director of the Institute for Competition Law at Heinrich Heine University in Dusseldorf, called it "a strong signal" from the EU.

 

"The DMA is designed for quick results," he said.

 

"The cases that the Commission has selected go to the heart of the business models; these are not marginal issues for the gatekeepers.

 

"The legal battles will be tense, but we must always bear in mind that the Court of Justice will have the last word."-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

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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