Major International Business Headlines Brief::: 27 March 2024

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Major International Business Headlines Brief:::  27 March 2024 

 


 


 

	
 


 

 


 

ü  Nigeria: Fuel Subsidy Removal Painful but Necessary, Gov Inuwa

ü  South Africa: Homeowners Protest After City Power Tackles Illegal
Connections

ü  Nigeria: Just in - CBN Raises Interest Rate

ü  Kenya: President Ruto Meets Parastatal Heads Over Planned Budget Cuts

ü  Mozambique: Health Workers Threaten to Resume Strike As of Thursday

ü  Ethiopia: News - Drivers in Amhara Region Hit Hard By Fuel Shortages,
Skyrocketing Prices

ü  Kenya: Tough Times for the Media, but Resilient Ones Will Remain

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

ü  Nigeria: Again, CBN Increases Interest Rate to 24.75 Percent

ü  Malawi: 2024/25 National Budget Passed, DPP Says Implementation Is Key

ü  Fears of disruption to global supply chains after Baltimore bridge crash

ü  Japan nappy maker shifts from babies to adults

ü  European flying car technology sold to China

ü  Donald Trump media firm soars in stock market debut

ü  Barclays bank payments restored after app went down in outage

ü  Papa Johns pizza to shut nearly a tenth of UK sites

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Fuel Subsidy Removal Painful but
Necessary, Gov Inuwa

Gombe State Governor, Muhammadu Inuwa Yahaya, has lamented that the removal
of fuel subsidy last year, though difficult yet necessary decision.

 

In his efforts to alleviate their suffering, his administration rolled out a
palliative food distribution program in August 2023 targeting 420,000
beneficiaries while in January this year, they continued this noble
initiative by launching the second phase of the program, reaching an
additional 90,000 beneficiaries.

 

Speaking at the flag-off of Distribution Ramadan Palliative on Tuesday at
Pantami Stadium, Gombe, the Governor said, the exercise demonstrated his
commitment to helping the people during difficult times which remains an
enduring attribute of his administration ranging from the days of the
Covid-19 pandemic to the recent removal of fuel subsidy.

 

 

In addition to above efforts, we also implemented various policies and
programs to help our people during these difficult times. These include the
provision of 10,000 wage grants to civil servants since August 2023, and the
payment of billions of naira in backlog of gratuities in order to ease the
financial burden on the people.

 

With the coming of the holy month of Ramadan, a time of reflection,
compassion, and generosity, we stand ready to extend our support once again.
Today, we are commencing another round of palliative food distribution, with
a renewed focus on reaching 214,500 beneficiaries. This gesture is not
merely about providing sustenance; it is about ensuring that our people can
observe their fast with dignity and gratitude, in accordance with the
teachings of our religions.

 

According to him, his administration's commitment to the welfare and
wellbeing of every citizen of Gombe remains steadfast and unwavering despite
the challenges that the people face.

 

He commended the palliative committee for the excellent preparation thus far
and urged them all to approach their duty with fear of God and compassion,
and ensure that food items reach those who deserve it the most.

 

On our part, we shall put measures in place to ensure adequate monitoring of
the program, in line with our administration's zero tolerance for corruption
and inefficiency.

 

- Vanguard.

 

 

 

 

South Africa: Homeowners Protest After City Power Tackles Illegal
Connections

Dozens of homeowners from Mayibuye township in Midrand marched to Rabie
Ridge police station on Tuesday, after City Power cut electricity to nearly
100 houses where meter boxes had been tampered with.

 

Public Order Police warned the protesters not to destroy any infrastructure.

 

The power officials came with a large police convoy, including Nyalas and
trucks, and collected circuit breakers and electricity cables.

 

In November new meter boxes were installed by City Power, but many
households managed to bypass them again. Many homeowners rent out space to
backyarders and complain that they cannot pay their electricity bills.

 

 

Kholiswa Nqcukana, who has nine tenants, says after City Power put in a
prepaid meter box in November, her electricity bill came to between R3,000
and R4,000.

 

"We asked City Power to please reduce the cost but they did not listen. When
you boil just water, R50 is gone," she said.

 

Paulina Moloto who has six tenants, said like most other households she had
not paid for electricity for 14 years.

 

"Before, almost everyone was not buying electricity for about 12 to 14
years, but since last year we were forced to use prepaid electricity,"
Moloto said.

 

Moloto said she now struggles to make a living and send her children to
school. "We don't make a profit anymore, because R100 electricity lasts for
a day."

 

Simokgadi Mphahlele, City Power Midrand Revenue Coordinator, said the new
meter boxes had been installed in November but residents had bypassed them
again. City Power says about 700 households have tampered with meter boxes.

 

"Last year between November and December we did the operation of normalising
Mayibuye. After that we collected a huge amount that we had not been
getting. But between January and February, the customers bypassed
electricity again," she said.

 

"When we normalised in December we recovered almost R2-million from all
those customers, but currently in February we only collected R800,000."

 

Mphahlele said 99 households had been targeted in Tuesday's operation and
City Power would return to the remaining houses.

 

- GroundUp.

 

 

 

 

Nigeria: Just in - CBN Raises Interest Rate

The committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent
for commercial banks and adjust the CRR of merchant banks from 10 per cent
to 14 per cent

 

The Central Bank of Nigeria (CBN), on Tuesday, raised the interest rate by
200 basis points from 22.75 per cent to 24.75 per cent amid soaring
inflation.

 

The central bank made this known after the two-day Monetary Policy Committee
(MPC) meeting held between Monday and Tuesday.

 

According to the National Bureau of Statistics, the country's latest annual
inflation rate jumped to 31.70 per cent from 29.90 per cent a month prior,
primarily fueled by a continuous surge in food prices.

 

Olayemi Cardoso, the governor of the CBN, on Tuesday, disclosed that the MPC
voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis
points.

 

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per
cent for commercial banks and adjust the CRR of merchant banks from 10 per
cent to 14 per cent.

 

 

The committee also voted to retain the liquidity at 30 per cent.

 

According to him, the committee's considerations focused on the current
inflationary pressures and the need to anchor inflation expectations as well
as ensure sustained exchange rate stability.

 

"These considerations underscore the importance of the ECB and its
commitment to the price stability mandate and the need to urgently bring
inflation under control to ensure that the purchasing power of ordinary
Nigerians is restored in the short to medium term.

 

"Members noted the continued rise in headline inflation driven largely by
food prices, because of supply shortages, and high cost of Logistics and
Distribution. The committee, therefore, was of the view that addressing food
insecurity is key to containing current inflationary pressures.

 

"On this note, members commended the ongoing efforts of the federal
government towards addressing food insecurity. Some of these measures
include the provision of various palliatives release of grains from the
strategic reserves, distribution of seeds and fertilisers as well as farm
implements for dry season farming. The committee therefore called for the
full implementation of the federal government's agricultural policies and
programmes to improve food supply and further advised for broader fiscal
consolidation, particularly on the improvements of tax collection and tax to
GDP ratio," he said.

 

Mr Cardoso said the committee will continue to monitor developments in the
global and domestic economies to ensure that inflationary expectations are
anchored to restore and sustain macroeconomic stability.

 

He announced that the next meeting of the MPC will be held on 20 and 21 May.

 

- Premium Times.

 

 

 

 

Kenya: President Ruto Meets Parastatal Heads Over Planned Budget Cuts

Nairobi — President William Ruto is currently hosting Parastatal Heads and
Chief Executive Officers (CEO) at State House, Nairobi.

 

State House Communications team stated that budget cuts and planned
privatization of some institutions top agenda.

 

President Ruto plans to sell at least 10 non-performing parastatals in a bid
to help improve the upgrade of infrastructure and the delivery of services
to Kenyans.

 

He promised to rejuvenate the Nairobi Securities Exchange by bringing to the
bourse through initial public offerings between six and 10 companies, a
target that if met would see him surpass the record set by former President
Mwai Kibaki's administration.

 

The Cabinet last month approved the sale of seven more State-owned
enterprises which is expected to stimulate the expansion of the country's
hospitality industry and grow individual units through private-sector
investment.

 

About The Author

 

CORRESPONDENT

 

See author's posts

 

- Capital FM.

 

 

 

 

Mozambique: Health Workers Threaten to Resume Strike As of Thursday

Maputo — The Association of United Mozambican Health Professionals (APSUSM)
has threatened to resume its nationwide strike as of Thursday supposedly
because the Health Ministry (MISAU), has failed to fulfill promises made in
the negotiations.

 

The strike had been suspended in August 2023. Neither APSUSM nor the Health
Ministry gave any reliable figures as to how many workers obeyed last year's
strike. At the time, APSUSM claimed 65,000 members, which would have made it
the largest union in the country.

 

According to APSUSM spokesperson, Anselmo Muchave, who was speaking to
reporters on Monday, "we're going back on strike because the period of
suspension only served to prove the government's lack of commitment. During
the previous strike, we said that our health facilities were suffering from
a shortage of medical and surgical equipment and medicines.'

 

"While we had hoped for some improvement, the situation in the health units
is worse than before', Muchave added.

 

 

He said there had been several meetings with government negotiators, but
agreements on various aspects of the APSUSM list of demands have not been
fulfilled.

 

In addition to non-compliance with these demands (which he did not specify),
conditions in the hospitals are getting worse, he claimed, alleging that
there is no medication to treat the most common illnesses, including a lack
of gloves, masks, syringes and needles, plasters, catheters, and even paper
to print hospital documents and analysis results.

 

"There is also a shortage of laboratory reagents, fuel for ambulances, food
for patients, and hospital linen', Muchave added. "There is also an increase
in the number of health units that are deprived of electricity, as a result
of cuts made by the publicly-owned electricity company, EDM'.

 

 

This list is similar to claims made last year, and which were flatly denied
by the Health Ministry.

 

In some cases, Muchave alleged, the patients are forced to pay electricity
bills in order to be assisted by a health professional. This is a claim that
has never been mentioned before, and one that seems extremely unlikely.

 

Muchave also accused the government of not being interested in solving the
problems faced in the public health facilities because "when they fall ill,
they turn to private clinics,' a claim which he made no attempt to
substantiate.

 

"The poor citizen who can't afford to go to a clinic is left behind. They
forget that the right to health is not a favor, it's a duty of the state',
declared Muchave.

 

In addition to good working conditions of work and the supply of essential
material for work and medication for users, the APSUSM demands include
increased overtime pay and improvements in the way health workers are placed
in the new Unified Wage Table (TSU) for the public administration.

 

 

 

 

Ethiopia: News - Drivers in Amhara Region Hit Hard By Fuel Shortages,
Skyrocketing Prices

Addis Abeba — Drivers in some urban areas of the Amhara region are currently
grappling with a significant fuel scarcity alongside escalated prices within
the illicit market, severely impeding their mobility, as indicated by
several drivers interviewed by Addis Standard.

 

In Bahir Dar, the regional capital of Amhara, a driver portrayed the grim
circumstances, stating, "Despite the early formation of lengthy queues by
drivers in anticipation of diesel procurement each morning, the flow is
frequently disrupted due to the dearth of fuel supplies. Nearly all fuel
stations are non-operational."

 

Another taxi operator in Bahir Dar highlighted that heavy truck drivers are
compelled to endure overnight or even multi-day waits for refueling when
limited gasoline is sporadically accessible.

 

 

He further indicated that taxi drivers are compelled to resort to the black
market, where exorbitant prices prevail.

 

Last week, DW reported on the exorbitant pricing of fuel in Bahir Dar. "In
the illicit market, the cost of two liters of diesel exceeds 350 birr,"
remarked a taxi driver. "The standard price was expected to be 77 birr per
liter; however, vendors are imposing a rate of 175 birr per liter,
constituting an illicit increase of 90 birr per liter."

 

The driver blamed the regional authorities for failing to address rampant
illegal fuel sales, alleging, "Vast quantities are being sold this way to
make a profit. From just one tanker truck, millions of birr can be made
illegally by circumventing legal channels."

 

Nonetheless, Ibrahim Mohammed, the head of the Amhara Regional Trade and
Market Development Office, informed DW that they have faced challenges in
fuel distribution. "However, efforts have been initiated to rectify the
supply issues and deter illicit activities."

 

 

Mohammed stated that the Amhara region hosts over 280 fuel stations, of
which 253 are presently operational.

 

Nevertheless, a driver interviewed by Addis Standard made an allegation that
fuel stations purposefully restrict the operation of fuel pumps "in order to
sustain queues," contending, "Out of six pumping facilities, only one is
operational."

 

The surge in prices is posing significant challenges for taxi drivers to
sustain their operations. "The prescribed taxi fare for short distances has
escalated from 5 birr to 10 birr," the driver remarked. "Continuing our work
under these circumstances has become exceedingly arduous."

 

A taxi operator conducting business in Debre Birhan shared a comparable
account with Addis Standard, stating, "one could argue that there is a
complete absence of gasoline within the city."

 

He observed that while procuring fuel has historically presented challenges,
acquiring diesel has become "almost unattainable" over the past two days.

 

Nonetheless, the driver indicated that prices have remained stable thus far
but conveyed apprehension, expressing concern that "should this situation
persist, there is a potential for changes to occur."

 

The reported fuel shortage and out-of-control prices of commodities are the
latest to affect millions of civilians in a region that has been the
epicenter of the ongoing militarized conflict involving government forces
armed groups that swept large parts of the regional state since August 2023.

 

Local authorities recently disclosed that the destruction of numerous social
and economic institutions in recent months, attributable to conflict, has
resulted in the loss of property valued at over 15 billion birr.

 

Although local authorities repeatedly claim to have put the fighting under
control on various occasions, renewed hostilities were reported in recent
weeks including in the West and North Gojjam, North Shewa, and North Wollo
zones, with roads being blocked off. Intense battles have also occurred
around areas such as Gondar, Merawi, Dega Damot, Shewa Robit, Antsokiyana
Gemza, and Lalibela town.

 

- Addis Standard.

 

 

 

 

Kenya: Tough Times for the Media, but Resilient Ones Will Remain

By and large, it’s not an interesting time for journalists in Kenya.
Journalism in Kenya, just like in the rest of the world, is going through a
challenging time technologically, economically, and professionally; hurdles
that call for a deeper reflection by all and sundry.

 

The current instability and massive layoffs in the media in Kenya have very
little to do with professional production and redundancy, as we are made to
understand, but economically motivated actions that have everything to do
with mismanagement, corruption, and unethical business conduct by some media
managers and owners.

 

Journalists are just being sacrificed.

 

 

Uncertainty over innovation such as Artificial Intelligence, a hostile
business environment, denial of revenue from advertising, credibility and
trust issues, unethical behavior by journalists, among others, are
threatening the sector.

 

A number of media outlets are coming up with innovative ideas including
in-depth public interest content, cost-saving interventions, and fundraising
strategies that will ensure the media industry remains, but more is needed
so that it's not seen as an industry being ostracized.

 

The purely economic and factory management approach to running media
business has pushed journalists to the brink. News has become a product for
sale, and investors want huge returns from the enterprises at the expense of
news that has public value.

 

Journalists ascending to positions of management in news organizations are
being asked to undergo training and further studies in business management
rather than in journalism.

 

 

In several media houses, the editorial, which is the core business of the
companies, is the most neglected, invested in, and valued compared with
advertising or commercial departments.

 

You will be surprised at how many resources are wasted on non-core issues --
abandoned equipment, offices, studios, printing equipment, vehicles, and
related items at all media houses.

 

We must value journalists and remember it's useless for journalism to be
writing about corruption and other ills in other sectors when it's worse in
the media. The media must clean house and embrace accountability, human
rights, and best practices in human and economic resource management.

 

I think journalists must start talking about the running down of media
enterprises by managers, who then sacrifice journalists in them to make
their companies remain afloat. Procurement mismanagement, white elephants,
and poor investment decisions are the order of the day in media companies,
and quick, prudent decision-making is lacking, leaving journalists equally
frustrated.

 

 

Similarly, journalists should now move to separate the commercial interests
of their employers and the professional ethics for which they were trained.

 

We must, while serving the interests of our employers, also work on ensuring
and holding ourselves to the professional standards that differentiate us
from media workers, and this might not be served within the existing
formations.

 

>From the interest and recent actions from other quarters, Kenyans are
largely taking a very punitive approach to rein in on the media. Everyone
seems to be blaming the media for all manner of evil, and some journalists
seem to be succumbing to the pressure -- either by doing purely public
relations stories or abandoning newsrooms.

 

The legal environment and the mob justice approach to dealing with
journalists have seriously exposed the media to threats. It would seem the
government has started applying subjective allocation of advertising revenue
to compliant media houses, while certain private corporations, through
corporate tyranny, have also sought to influence editorial independence by
withholding advertising revenue.

 

The current onslaught on journalists calls for an urgent awakening amongst
journalists to reevaluate and improve media professionalism and
accountability within the industry and, above all, improve the working
environment for media practitioners in the country.

 

The media must work towards creating solidarity and a common agenda for the
media fraternity in the country to not only reduce the divisions in the
sector but ensure that media issues are part of the national agenda, and a
conducive environment is created for the media to play its role in national
development unhindered.

 

More importantly, as media criticism takes shape and is welcome, Kenyans
should be aware that not all people carrying cameras, recorders, and
notebooks are journalists or work for legitimate and credible media outlets;
many are mere cons and brokers looking for your money.

 

Press conferences will be packed to capacity, fake interviews will be done,
and several sources will be asked to facilitate or "release" the
"journalists" after those interviews or press conferences; but no stories
will be forthcoming.

 

Angry sources, after failing to see the articles, will accuse media of all
manner of things, creating a very hostile working environment for
journalists and other media workers who are legitimate.

 

- Capital FM.

 

 

 

 

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.

 

 

 

 

Nigeria: Again, CBN Increases Interest Rate to 24.75 Percent

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate by
200 basis points to 24.75 per cent in a continued chase to tame inflationary
pressures.

 

The Monetary Policy Committee (MPC) said to address Nigeria's food crisis,
the authorities have to deal with the issue of food insecurity and implement
federal government's agricultural intervention programmes.

 

Revealing the decision of the 296th meeting of the MPC on Tuesday in Abuja,
CBN Governor, Olayemi Cardoso, said the committee also raised the Cash
Reserve Ration (CRR) to +100 to -300 basis.

 

CBN increased the interest rate by 400 basis points, taking the interest
rate benchmark to 22.75 per cent from 18.75 per cent, a major tightening
measure to tame Nigerians high inflation currently at 30.70 per cent.

 

- Leadership.

 

 

 

 

Malawi: 2024/25 National Budget Passed, DPP Says Implementation Is Key

Parliament on Tuesday passed the 2024/25 National Budget where members
adopted 44 votes of estimates.

 

The budget is pegged at K5.98 trillion and the sum will be appropriated to
the Consolidated Recurrent and Capital Accounts for the purpose set out in
the Recurrent and Capital Estimates.

 

The Agriculture Sector has a lion's share of over K480 billion while the
Health Sector got K342 billion of the total national budget, and the
education has been allocated over K338 billion.

 

Minister of Finance Simplex Chithyola Banda disclosed that there have been
some substantial increase or reduction, but that can not affect the
implementation of he budget.

 

He told the August House that, "government is optimistic that Malawi Revenue
Authority-MRA will significantly play a big role and meet the targets on
revenue collection that should be used for implementation of the budget."

 

However, Chithyola Banda expressed gratitude over the passing of the budget
in less than one a half days.

 

Meanwhile, the de facto Leader of Opposition and DPP member Mary Navicha
commented that all now it's in the hands of the government to implement the
budget.

 

Navicha said, "The should show Malawians what best they can do, since it is
their last budget as next year we are going into elections."

 

- Nyasa Times.

 

 

 

Fears of disruption to global supply chains after Baltimore bridge crash

Fears have been raised of significant disruption to global supply chains
after a container ship crashed into a bridge in the US city of Baltimore.

 

The ship, named the Dali, hit a support column of the Francis Scott Key
Bridge in the early hours of Tuesday morning, causing it to collapse.

 

The bridge spanned the entrance to the Port of Baltimore, the busiest port
in the US for car exports and the ninth-busiest overall.

 

Six people are missing presumed dead.

 

 

The US Coast Guard has suspended its search and rescue operation and begun a
recovery mission. The focus is now turning to the investigation into what
went wrong, with a team of transportation safety experts hoping to board the
stricken ship and recover its data recorder.

 

Officials have said that maritime traffic through the port - which last year
amounted to more than 47 million tonnes of foreign cargo - will be suspended
"until further notice".

 

Speaking to the BBC, Marco Forgione, director general at The Institute of
Export and International Trade, which represents UK businesses involved in
international trade, said the suspension would have a "significant ripple
effect on global supply chains".

 

"Over 750,000 cars and vehicles transited through Baltimore in the last
year," he told Radio 4's The World Tonight.

 

"Those are major US brands and UK and EU brands, from General Motors and
Ford to [Jaguar Land Rover], Nissan, Fiat, and Audi.

 

 

"In addition, Baltimore is a significant exporter of liquified natural gas
[LNG] and that has implications for the UK and the EU.

 

"Something around half a million tonnes of LNG leave Baltimore per month, so
the implications of what's happened are significant and will cascade before
we're able to get Baltimore back up and running again."

 

As well as maritime traffic, the Port of Baltimore is directly responsible
for some 15,000 jobs and supports an estimated 140,000 more.

 

Following the accident, Danish shipping giant Maersk, whose cargo the Dali
was carrying, said it would be "omitting Baltimore on all our services for
the foreseeable future".

 

A number of rail and coal companies have also warned their customers of
disruption to coal exports.

 

 

US Secretary of Transportation Pete Buttigieg said at a briefing there was
"no question that this will be a major and protracted impact to supply
chains".

 

"It's too soon to offer estimates on what it will take to clear the channel
and reopen the port," he said.

 

President Biden told reporters that the US government would "move heaven and
earth to reopen the port and rebuild the bridge as soon as humanly
possible", but added that the process was going to "take some time."

 

Reuters An aerial view of the Dali cargo ship, which crashed into a bridge
spanning the entrance to the Port of Baltimore. The bridge is seen collapse
around part of the vessel.Reuters

The exact cause of the crash is still being established, but officials have
said the ship suffered a "power issue" and issued a distress call before
hitting the bridge.

 

 

Authorities closed the bridge to car traffic when they received the call,
but a number of vehicles that were already on the bridge fell into the water
when it collapsed.

 

A huge search and rescue effort ran through much of Tuesday, with two people
pulled from the water, one of them in a serious condition.

 

The six people who remain missing were part of an overnight construction
crew that was repairing potholes, authorities said.

 

The Maritime and Port Authority of Singapore, where the Dali was flagged,
said the ship's certificates covering its structural integrity and the
functionality of its equipment were valid at the time of the incident.

 

 

It also said the ship had passed two separate foreign port state inspections
in June and September 2023.

 

Synergy Marine Group, which manages the Dali, said there were 22 people on
the ship, including an all-Indian crew and two US harbour pilots, but no
reports of any injuries.

 

It added that it was "fully co-operating" with federal agencies.-bbc

 

 

 

 

Japan nappy maker shifts from babies to adults

A Japanese nappy maker has announced that it will stop producing diapers for
babies in the country and, instead, focus on the market for adults.

 

Oji Holdings is the latest firm to make such a shift in a rapidly ageing
Japan, where birth rates are at a record low.

 

Sales of adult nappies outpaced those for infants in the country for more
than a decade.

 

The number of babies born in Japan in 2023 - 758,631 - was down by 5.1% from
the previous year.

 

It was also the lowest number of births on record in Japan since the 19th
Century. In the 1970s, that figure stood at more than two million.

 

In a statement, Oji Holdings said its subsidiary, Oji Nepia, currently
manufactures 400 million infant nappies annually. Production has been
falling since 2001, when the company hit its peak - 700 million nappies.

 

Back in 2011, Japan's biggest diaper maker, Unicharm, said its sales of
adult diapers had surpassed those for babies.

 

Meanwhile, the adult diaper market has been growing and is estimated to be
worth more than $2bn (£1.6bn). Japan now has one of the world's oldest
populations, with almost 30% of them aged 65 or older. Last year, the
proportion of those aged above 80 surpassed 10% for the first time.

 

Oji Holdings also said it would continue to make baby diapers in Malaysia
and Indonesia where it expects demand to grow.

 

Asia is spending to boost birth rates - will it work?

Japan was the future but it's stuck in the past

A shrinking population, the result of both ageing and plummeting birth
rates, has become a crisis for Japan, one of the world's largest economies.
But the Japanese government's efforts to address these challenges have met
with little success so far.

 

Increased spending on child-related programmes and subsides targeting young
couples or parents don't appear to be boosting birth rates. Expert say the
reasons are complex, ranging from lower marriage rates and more women
joining the workforce, to the increased costs of raising children.

 

"Japan is standing on the verge of whether we can continue to function as a
society," Prime Minister Fumio Kishida said last year, adding that it was a
case of "now or never".

 

But Japan is not alone. Fertility rates have also been dropping in Hong
Kong, Singapore, Taiwan and South Korea, the last of which has the lowest
birth rate in the world.

 

China too saw its population fall for the second year in a row in 2023 and,
like Japan, has introduced various incentives to boost birth rates. But an
ageing population and the impact of a decades-long one child-policy, which
ended in 2015, are creating demographic challenges in China too.-BBC

 

 

 

 

European flying car technology sold to China

The tech behind a flying car, originally developed and successfully
test-flown in Europe, has been bought by a Chinese firm.

 

Powered by a BMW engine and normal fuel, the AirCar flew for 35 minutes
between two Slovakian airports in 2021, using runways for take-off and
landing.

 

It took just over two minutes to transform from a car into an aircraft.

 

Now vehicles made based on its design will be used within a "specific
geographical region" of China.

 

Hebei Jianxin Flying Car Technology Company, headquartered in Cangzhou, has
purchased exclusive rights to manufacture and use AirCar aircraft inside an
undisclosed area.

 

The firm has built its own airport and flight school after a previous
acquisition from another Slovak aircraft manufacturer, said Anton Zajac,
cofounder of KleinVision, the company which created AirCar.

 

Having led the way in the development of the EV revolution, China is now
actively developing flying transport solutions.

 

Last month a firm called Autoflight carried out a test flight of a
passenger-carrying drone between the cities of Shenzhen and Zhuhai. The
journey, which takes three hours by car, was completed in 20 minutes, it
said - although the aircraft contained no passengers.

 

And in 2023 the Chinese firm eHang was awarded a safety certificate by
Chinese officials for its electric flying taxi. Here, the UK government has
said flying taxis could become a regular feature of the skies by 2028.

 

Government wants flying taxis taking off in 2 years

But unlike these drone-like passenger aircrafts, AirCar does not take off
and land vertically, and requires a runway.

 

KleinVision declined to say how much it had sold the technology for. AirCar
was issued with a certificate of airworthiness by the Slovak Transport
Authority in 2022 and featured in a video published by YouTuber Mr Beast
earlier this year.

 

There are still considerable hurdles for this form of transport in terms of
infrastructure, regulation and public acceptance of the technology.

 

"This brave new world of personal transport is acting as a great leveller,"
said aviation consultant Steve Wright.

 

Global attempts to regulate the sector left "everyone scrambling to come up
with a whole new set of questions that need to be asked".

 

"In this respect the West's history can sometimes slow things down, as there
is a bit of a temptation to try and squeeze these new machines into the old
categories," Mr Wright added. "China could well see this as an opportunity
to get ahead."

 

Similar concerns once applied to electric cars - in which China which has
become a global market leader.

 

The sale of the Slovakian AirCar could raise questions about whether China
might be poised to do the same with flying cars.

 

Mr Wright said while prototypes like the AirCar were "great fun", the
reality was likely to end up being more mundane "with queues and baggage
checks and whatnot".-BBC

 

 

 

Donald Trump media firm soars in stock market debut

Shares in Donald Trump's media company soared as the firm made its formal
debut on the stock market.

 

Shares surged past $70 in early trade, giving the firm a market value of
more than $9bn. They ended the day at about $58, still up more than 16%.

 

The long-awaited moment will inject more than $200m into Trump Media &
Technology Group and hands the former president a stake worth more than
$4bn.

 

Analysts say that is far more than the firm's performance warrants.

 

Trump Media's Truth Social, a Twitter-like service, brought in just $3.3m in
revenue in the first nine months of last year and lost nearly $50m.

 

 

It says 8.9 million accounts have been created since the platform launched
to the general public in 2022 as an alternative to mainstream sites such as
Facebook, but it is not clear how many are active.

 

By comparison, the recently-listed Reddit currently has a market value of
about $11bn. It boasts more than 70 million users and brought in $800m in
revenue last year.

 

Kristi Marvin, chief executive of SPACInsider, compared Trump Media - which
trades under the ticker DJT for Mr Trump's initials - to a meme stock, in
which prices are untethered from the business prospects.

 

Interest in Trump Media has also been fuelled by individual investors, as
opposed to Wall Street firms, many of them apparently Trump supporters.

 

"Everybody expected to trade a little bit crazy today, which it has," she
said. "The real question is how does it trade a week from now, two weeks
from now and nobody really knows."

 

 

The deal to list Trump Media was first announced in 2021.

 

The move was accomplished via what is known as a SPAC, a merger with a
publicly listed shell company, Digital World Acquisition Corp, which was
expressly created to buy a company and take it public.

 

The deal was delayed by government investigations and other hurdles, but
regulators cleared it earlier this year and Digital World shareholders voted
in favour last week.

 

Ahead of the listing on the Nasdaq exchange, Trump Media officials called it
a "pivotal moment" for the firm - and the wider media landscape.

 

"As a public company, we will passionately pursue our vision to build a
movement to reclaim the Internet from Big Tech censors," said Trump Media
chief executive Devin Nunes, a former congressman.

 

 

"We will continue to fulfil our commitment to Americans to serve as a safe
harbour for free expression and to stand up to the ever-growing army of
speech suppressors."

 

The debut comes at a critical moment for Mr Trump, who has been scrambling
for cash to pay legal penalties and owns more than half of the firm's
shares.

 

He is currently barred from selling his holdings for at least six months,
making it difficult for him to tap the windfall immediately.

 

The company's board, which is stocked with allies including one of his sons,
could potentially change that rule, but analysts have said they think that
would be unlikely to happen immediately.

 

If Mr Trump were to sell a significant chunk of his shares, it could hurt
the share price.

 

 

Investors face other risks as well, tied to Mr Trump's political fortunes
and his 2024 presidential campaign.

 

A loss might be expected to hurt the share price, but a win could have the
opposite effect, especially if it generated further demand from buyers
hoping to curry favour with Mr Trump, said Michael Ohlrogge, a law professor
at New York University.

 

However, Prof Ohlrogge said the current share price is "far, far elevated
above what anyone would consider its fundamental value".-BBC

 

 

 

 

Barclays bank payments restored after app went down in outage

Barclays has said its payment systems and banking app are fully operational
after earlier glitches which began on Tuesday evening.

 

The bank apologised for issues with payments into and out of the accounts of
some of its UK customers.

 

In an update at 03:25 GMT, it said customers could make and receive payments
once more.

 

Other firms such as Sainsbury's and McDonald's were recently hit by
technical issues.

 

Dozens of account holders spoke earlier of problems logging onto the
Barclays app as well as the bank's online banking service.

 

One business customer voiced their concern on social media, saying the issue
was "not a joke or glitch; this is people's lives". "We need to make
emergency plans if our money is inaccessible or gone," they added.

 

Responding to customers via its social media pages, the bank apologised and
said it was aware of issues affecting some users logging into the app, with
online banking and payments.

 

Barclays has about 20 million customers in the UK and has previously said it
handles more than 50 million payments each month.

 

DownDetector, a website which monitors IT issues with companies, noted
outages being reported with the bank from about 21:15 on Tuesday.

 

Barclays is the latest company to be affected by technical issues in recent
days.

 

Sainsbury's deliveries cancelled over tech issues

McDonald's blames global outage on third party

Last weekend, supermarket Sainsbury's was forced to cancel deliveries to
customers after an IT problem and could only take cash in its supermarkets.
Tesco was also affected by similar technical issues.

 

Earlier in the month fast food chain McDonald's had to close many of its
restaurants after it suffered IT outages in stores around the world, it
blamed the problems on a third-party provider.-BBC

 

 

 

 

Papa Johns pizza to shut nearly a tenth of UK sites

Pizza chain Papa Johns has said it will close nearly a tenth of its UK
restaurants - all of which it says are "underperforming".

 

The closures follow a review of the business which identified sites that
were "no longer financially viable".

 

The chain, which has 450 restaurants plus others in service stations and
holiday parks, will close 43 sites but has not said how many jobs will be
hit.

 

Separately, Revolution Bars has said it could sell "all or part of the
group".

 

Its announcement followed reports that said Revolution could shut about 20
bars, or a roughly a quarter of its outlets.

 

Store closures rise but food chains help fill gap

Announcing the Papa Johns site closures, UK managing director Chris
Phylactou said: "Our priority is our team members, who will be fully
supported throughout this process.

 

"Our goal is to work with impacted team members and attempt to find
redeployment opportunities where available."

 

The closures are all in England and extend from Harrogate, North Yorkshire
to St Helens, Merseyside, Billericay, Essex and Eastbourne, East Sussex.

 

All of them were "underperforming locations that are no longer financially
viable", the company said.

 

While other sectors of the hospitality industry have faced serious problems
in recent years, takeaway outlets in general are booming, according to
consultancy PwC.

 

It said last year, a net 151 chain takeaway shops opened.

 

"It's a good sector to be in, albeit that there's a lot more competition as
others open," said PwC senior retail adviser Kien Tan.

 

"There's increasing consumer demand for takeaway and for takeaway outlets.
If you're trading down from eating out or going out it's more affordable
than going out for the evening."

 

Papa Johns had previously said it planned "strategic closures" in order to
free up money for investment and improving profitability at its remaining UK
sites.

 

It plans to expand further into non-traditional sites like holiday parks and
the chain said it would "announce other large retail partners in the coming
months".

 

US-owned Papa Johns said the UK was its second biggest market and it was
"committed to driving growth in the UK and improving results over the long
term".

 

Revolution Bars, which also owns Revolucion de Cuba, said that following a
period of "external challenges" which had hit trading it was "actively
exploring all the strategic options available to it to improve the future
prospects of the group".

 

This could include restructuring parts of the group or a sale of "all or
part of" the group, it said.

 

Revolution also said it was talking to "key shareholders" and other
investors about raising extra funds.

 

When the company reported on trading in January, it said that the Revolution
brand was underperforming because the cost of living crisis had hit younger
people harder.

 

Earlier this month, figures showed there was a rise in new retail outlets
opened last year, dominated by coffee drive-throughs, bubble tea shops and
fast food restaurants, mostly located outside city centres.

 

But according to PwC, which analysed data compiled by the Local Data
Company, the openings were not enough to outweigh the places where chains,
such as Wilko, shut up shop, and there was a net decrease of 5,000 stores
across the UK.

 

So far this year, the Body Shop and night club chain Pryzm have already run
into difficulties, announcing the closure of sites.

 

 

Store closures rise but food chains help fill gap-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

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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.

 


 

 


 (c) 2024 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

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