Major International Business Headlines Brief::: 28 March 2024

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief:::  28 March 2024 

 


 


 

	
 


 

 


 

ü  Nigeria: In Move to Revive Economy, Tinubu Heads 31-Man Presidential
Economic Coordination Council

ü  Nigeria: Dangote, Elumelu, Others Make Tinubu's New Economic Team

ü  Rwanda: Why Global Coalition Is Lobbying Rwanda to Endorse 'End of Fossil
Fuels' Call

ü  Nigeria: Tinubu Sets Up New Economic Coordination, Management Teams

ü  Kenya: Pain for Civil Servants As Govt to Increase Rent for Housing Units

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

ü  Kenya Has Tightened Its Laws to Stop Money Laundering - Why Banks Are the
Focus

ü  Kenya: AFA Appoints Trade Expert As New DG After Decade-Long Search

ü  Uganda Launches Initiative to Expand Access to Off-Grid Solar Power in
Refugee Communities

ü  Rwanda: New Times Journalists Win Rwanda's First-Ever AI Journalist
Challenge

ü  Sam Bankman-Fried: Disgraced 'Crypto King' to be sentenced

ü  Xiaomi: The Chinese smartphone giant taking on Tesla

ü  Disney and DeSantis allies end legal dispute over control of theme park

ü  Bankers jailed for interest rate rigging lose appeal

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: In Move to Revive Economy, Tinubu
Heads 31-Man Presidential Economic Coordination Council

President Bola Tinubu, yesterday, took very definite steps aimed at reviving
the economy with the establishment of a comprehensive economic coordination
and planning system for the country.

 

A statement issued by presidential spokesperson, Ajuri Ngelale, said three
key economic committees were constituted, with the president heading a
31-man presidential economic coordination council, and Minister of Finance
and Coordinating Minister of the Economy, Mr. Wale Edun, chairing a 19-man
economic management team emergency taskforce and a 14-man economic
management team.

 

Tinubu approved the constitution of the committees in a strategic move to
bolster the country's economic governance framework and ensure robust and
coordinated economic planning and implementation.

 

 

Members of the Presidential Economic Coordination Council (PECC) included
Tinubu as Chairman; Vice President Kashim Shettima, Vice-Chairman; President
of the Senate; Chairman, Nigeria Governors' Forum; Minister of Finance and
Coordinating Minister of the Economy; Governor of the Central Bank of
Nigeria; Minister of Agriculture and Food Security; Minister of Aviation and
Aerospace Development; and Minister of Budget and Economic Planning.

 

Others were Minister of Communications, Innovation and Digital Economy;
Minister of Industry, Trade and Investment; Minister of Labour and
Employment; Minister of Marine and Blue Economy; Minister of Power; Minister
of State, Petroleum Resources, Oil; Minister of State, Petroleum Resources,
Gas; Minister of Transportation; and Minister of Works.

 

PECC, which was also made up of 13 key members of the organised private
sector, joining for a period not exceeding one year, subject to the
president's directive, included Alhaji Aliko Dangote, Mr. Tony Elumelu,
Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke
Okpeke, and Dr. Doyin Salami.

 

 

Equally on the membership of PECC from the private sector were Mr. Patrick
Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir
Aliu, and Mr. Rasheed Sarumi.

 

In his determination to further address immediate economic challenges and
ensure the streamlined execution of economic strategies, Tinubu established
the Economic Management Team Emergency Taskforce (EET), with a mandate to
formulate and implement a consolidated emergency economic plan.

 

The taskforce comprised key government officials and industry leaders in
furtherance of the president's collaborative approach toward achieving
economic resilience and growth.

 

 

EET was mandated to submit a comprehensive plan of economic interventions
for 2024 to PECC, covering the next six months, for immediate implementation
within two weeks of its inauguration.

 

Membership of EET, which would meet twice weekly, included Minister of
Finance and Coordinating Minister of the Economy (Chairman); Minister of
Budget and Economic Planning; Minister of Power; Minister of Agriculture and
Food Security; Minister of Health and Social Welfare; Minister of Industry,
Trade and Investment; Governor of the Central Bank of Nigeria; National
Security Adviser; Chairman, Nigeria Governors' Forum; and Governor of
Anambra State.

 

Other members were governors of Ogun and Niger states; Executive Chairman,
Federal Inland Revenue Service; Director-General, Budget Office of the
Federation; Group Chief Executive Officer (GCEO), Nigerian National
Petroleum Company Limited (NNPCL); Director-General, Nigeria Economic Summit
Group; Special Adviser to the President on Energy; Dr. Bismarck Rewane,
Economist; and Dr. Suleyman Ndanusa, Economist.

 

Another 14-man Economic Management Team (EMT), established in October 2023,
and chaired by Minister of Finance and Coordinating Minister of the Economy,
would serve as the working group under PECC, playing a crucial role in the
economic governance structure established by the president.

 

EMT traditionally meets monthly or as required, but would now suspend its
meetings for the duration of the EET's mandate of six months.

 

Membership of the EMT include Minister of Finance and Coordinating Minister
of the Economy (Chairman); Governor of the Central Bank of Nigeria; Minister
of Budget and Economic Planning; Minister of Industry, Trade and Investment;
and Minister of Communications, Innovation and Digital Economy.

 

Other members are Minister of Works; Minister of Labour and Employment;
Minister of Agriculture and Food Security; Minister of State, Petroleum
Resources, Oil; Minister of State, Petroleum Resources, Gas; Minister of
Power; Minister of Transportation; Minister of Aviation and Aerospace
Development; and Minister of Marine and Blue Economy.

 

Chairman of the EMT may, as needed, call on any mnister or head of agency to
brief the EMT on key programmes and developments affecting the economy.

 

The statement said the president's formation of the new committees was "the
manifestation of a unified strategy aimed at enhancing Nigeria's economic
management architecture for verifiably improved performance.

 

"The formation of these teams will complement existing economic governance
structures, including the National Economic Council (NEC), which is chaired
by the vice president."

 

It said over the next six months, EET would focus on the rapid
implementation, monitoring and evaluation of critical initiatives, and
strengthening the federal government's collective approach to advancing
Nigeria's economic objectives.

 

- This Day.

 

 

 

Nigeria: Dangote, Elumelu, Others Make Tinubu's New Economic Team

In a strategic move to bolster the nation's economic governance frameworks
and ensure robust and coordinated economic planning and implementation,
President Bola Ahmed Tinubu has approved the establishment of the
Presidential Economic Coordination Council (PECC) and the creation of the
Economic Management Team Emergency Taskforce (EET).

 

The president brought into the economic team major players in the private
sector, apparently to ensure a blend and cross fertilisation of ideas.

 

The private sector drivers in the team is business mogul, Aliko Dangote, top
banker, Tony Elumelu, another business icon, Abdulsamad Rabiu, Ms. Amina
Maina Begun Ajayi-Kadir, Funke Okpeke, Doyin Salami, Patrick Okigbo, Kola
Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu and Rasheed Sarumi.

 

 

In a statement by Presidential spokesman, Ajuri Ngelale, the Presidential
Economic Coordination Council (PECC) comprises distinguished leaders and key
government officials, including: President of the Federal Republic of
Nigeria - chairman of the PECC, Vice-President of the Federal Republic of
Nigeria - Vice-Chairman of the PECC/NEC chairman, Senate President,
chairman, Nigeria Governors' Forum, coordinating minister for the economy
and minister of finance, governor of the Central Bank of Nigeria, minister
of agriculture and food security and the minister of aviation and aerospace
development.

 

Others are minister of budget and economic planning, minister of
communications, innovation and digital economy, minister of industry, trade
and investment, minister of labour and employment, minister of marine and
blue economy, minister of power, minister of state (Petroleum Resources),
minister of state (Gas), minister of transportation and minister of works.

 

Ngelale said the PECC will also comprise key members of the organized
private sector, with the following members joining for a period not
exceeding one (1) year, subject to the President's directive: Aliko Dangote,
Tony Elumelu, Abdulsamad Rabiu, Ms. Amina Maina Begun Ajayi-Kadir, Funke
Okpeke,Doyin Salami,Patrick Okigbo, Kola Adesina, Segun Agbaje,Chidi Ajaere,
Abdulkadir Aliu and Rasheed Sarumi.

 

Furthermore, Ngelale said in his determination to address immediate economic
challenges and ensure the streamlined execution of economic strategies,
President Bola Tinubu had established the Economic Management Team Emergency
Taskforce (EET) with a mandate to formulate and implement a consolidated
emergency economic plan.

 

He said the taskforce comprises key government officials and industry
leaders in furtherance of the President's collaborative approach toward
achieving economic resilience and growth.

 

 

He said the EET is now mandated to submit a comprehensive plan of economic
interventions for 2024 to the PECC, covering the next six months, for
immediate implementation within two weeks of its inauguration.

 

The EET will meet twice weekly and is composed of the following members:
coordinating minister for the economy and minister of finance (chairman of
the EET), minister of budget and economic planning, Minister of power,
minister of agriculture and food security, coordinating minister of health
and social welfare, minister of industry, trade and investment, governor of
the Central Bank of Nigeria, national security adviser, chairman, Nigeria
Governors' Forum, governor of Anambra State, governor of Ogun State,
governor of Niger State, executive chairman, Federal Inland Revenue Service,
Director-general, Budget Office of the Federation, GCEO, NNPC Limited,
director-general, Nigeria Economic Summit Group, special adviser to the
president on energy, Dr. Bismarck Rewane, economist and Dr. Suleyman
Ndanusa, an economist

 

The presidential spokesman said the Economic Management Team, established in
October 2023, and chaired by the coordinating minister for the economy and
minister of finance, serves as the working group under the Presidential
Economic Coordination Council (PECC), playing a crucial role in the economic
governance structure established by the President.

 

He said the EMT traditionally meets monthly, or as required, but will now
suspend its meetings for the duration of the EET's mandate (six months). The
EMT is composed of the following officials: "coordinating minister for the
economy and minister of finance (EMT chairman), governor of the Central Bank
of Nigeria, minister of budget and economic planning, minister of industry,
trade and investment, minister of communications, innovation and digital
economy, minister of works, minister of labour and employment, minister of
agriculture and food security, minister of state (petroleum resources,
minister of state (Gas), minister of power, minister of transportation,
minister of aviation and aerospace development and minister of marine and
blue economy.

 

The chairman of the EMT may, as needed, call on any Federal Minister or Head
of Agency to brief the EMT on key programmes and developments affecting the
economy.

 

"The president's formation of the PECC, under his Chairmanship, alongside
the creation of the EET, led by the Chairman of the EMT, and the EMT itself,
is the manifestation of a unified strategy aimed at enhancing Nigeria's
economic management architecture for verifiably improved performance. The
formation of these teams will complement existing economic governance
structures, including the National Economic Council (NEC), which is chaired
by the vice-president.

 

"Over the next six months, the EET will focus on the rapid implementation,
monitoring, and evaluation of critical initiatives, strengthening the
Tinubu-led administration's collective approach to advancing Nigeria's
economic objectives," he added.

 

- Leadership.

 

 

 

Rwanda: Why Global Coalition Is Lobbying Rwanda to Endorse 'End of Fossil
Fuels' Call

A global coalition is lobbying states, including Rwanda, to endorse a
proposed 'Fossil Fuel Non-Proliferation Treaty' to considerably reduce
greenhouse gas emissions and limit global warming that is causing climate
change and its effects such as severe floods, and prolonged drought.

 

Rwanda is pushing for the adoption of a global treaty that is ambitious and
considers the full lifecycle of plastics - from extraction to disposal - to
get rid of plastic waste's contribution to climate change.

 

ALSO READ: Rwanda phasing out fossil fuel in irrigation

 

The Fossil Fuel Non-Proliferation Treaty is the mechanism the world needs to
manage a global transition away from non-renewable energy sources such as
coal, oil, petroleum products and non-renewable wastes.

 

The Fossil Fuel Non-Proliferation Treaty team has also lobbied the Rwandan
government to join the movement and potentially become the first African
country to join the coalition pledging to keep 1.5° alive by endorsing the
Fossil Fuel Treaty.

 

 

"We are campaigning for a global mechanism to address the root cause of the
climate crisis and the plastics crisis, which is fossil fuels. And despite
the fact that there is a source of both these crises, they are completely
absent from our global climate agreements. We want to fill this void and
propose a Fossil Fuel Non-Proliferation Treaty to have a just transition,
for all, to renewable energy to have an end to fossil," said Seble Samuel,
the Head of Africa Campaigns and Advocacy at Fossil Fuel Non-Proliferation
Treaty Initiative.

 

She noted that fossil fuels have not powered the African continent arguing
that despite decades of extraction, there are still 600 million people that
live without access to electricity.

 

 

This, she said, is happening on the continent with the largest renewable
energy potential on earth.

 

ALSO READ: Global warming: Is it time to phase out fossil fuels?

 

Africa sits atop the largest renewable energy potential on earth -- 39 per
cent of the global share -- and this potential is largely untapped. The
continent leads the world in solar potential, holding 60 per cent of the
best solar resources.

 

Despite this potential, Africa currently has just 1% of the world's
installed solar capacity.

 

"We want to harness this potential and have a transition to renewable energy
for all. And we want champion countries like Rwanda who has been leading on
multilateral environmental agreements to join us to the fossil fuel treaty
call today," she added.

 

The Initiative wants commitments to limit proliferation of fossil fuels,
saying the absence of such a commitment is an impediment to any significant
progress on climate deals like the Paris agreement and the

 

 

Kigali amendment to Montreal protocol signed in 2016, among others,
according to Seble.

 

In mid October 2021, on the day of the Kigali Amendment anniversary, Megumi
Seki, the Executive Secretary of the Ozone Secretariat, a Nairobi,
Kenya-based organisation whose mission is to facilitate and support the
parties to the Vienna Convention and the Montreal Protocol and other
stakeholders in implementing actions to heal and protect the ozone layer,
urged the world to look to the continued leadership of Rwanda along with
other parties to ensure that the Kigali Amendment will flourish to achieve
all its objectives and benefits. Seki acknowledged and appreciated Rwanda
for its leadership in pursuing energy efficiency.

 

The Paris Agreement, an international treaty on climate change adopted in
2015 that covers climate change mitigation, adaptation, and finance, sets a
benchmark for global climate action through its temperature goal. Despite
this, many governments are still approving new coal, oil and gas projects --
threatening chances of limiting warming to 1.5ºC, a goal set by the
Agreement.

 

On March 22, when Climate Ministers met in Denmark to set the course towards
29th UN Climate Change Conference (COP29), Alex Rafalowicz, the Director of
the Fossil Fuel Non-Proliferation Treaty Initiative, said: "COP28 set an
expectation that the world would transition away from fossil fuels.

 

ALSO READ: COP28: Climate experts question slow progress in adaptation talks

 

"The Ministers meeting in Copenhagen has to pave the way for COP29 and work
out how to turn those words into action. The future will be one free of
fossil fuels and we need to develop a roadmap to get there as fast as
possible and to kick those who want to drag us into the past out of the way.
This year, we need bold leadership on accelerating away from these deadly
fuels."

 

60% of Rwanda's energy to be powered by renewable resources by 2030

 

Jean Claude Mugiraneza, the acting Director General in charge of energy in
the Ministry of Infrastructure, told The New Times that Rwanda's energy mix
is already predominantly renewable and the country is working hard to reduce
diesel, petroleum and peat use.

 

"Currently 52 per cent of our energy is renewable," he said, adding that
Rwanda aims to have 60 per cent of its energy come from renewable sources
such as hydropower and solar by 2030. Currently, he said, 76 per cent of
Rwandans have access to electricity.

 

At 28th UN Climate Conference (COP28) in Dubai in 2023, Rwanda joined
countries with a pledge to triple the world's installed renewable energy
generation capacity, of which solar power is part, to at least 11,000 GW by
2030, taking into consideration different starting points and national
circumstances.

 

 

"Renewable energy will help mitigate climate change and ensure good health,"
he noted.

 

With e-mobility, Rwanda also aims to have 20 per cent of all buses
transition to electric by 2030, which will result in an estimated reduction
of 72,000 tonnes of carbon emissions.

 

Transitioning to electric motorcycles alone would save the Rwandan economy
Rwf23 billion in fuel imports per year. The estimated cost of transitioning
to e-mobility and the adoption of electric vehicles in Rwanda is $900
million in general.

 

The government has revised the National Electrification Plan (NEP) to
augment the number of households connected to the national grid and bolster
off-grid solutions.

 

Currently, 34.35 percent of all villages in the country are in off-grid
zones equipped with solar home systems. Rwanda's investment in renewable
energy is anticipated to reduce total emissions by 4.6 million tonnes, or 38
percent, by 2030.

 

How the treaty can propel Africa's renewable energy transition

 

Coal, oil and gas, which are responsible for 86 per cent of carbon emissions
released in the last decade, are fuelling climate catastrophe and economic
collapse on the continent least responsible for the crisis according to the
policy brief.

 

The African Development Bank (AfDB) estimates that continent is losing
between 5-15% of its annual GDP per capita growth due to climate change
impacts. The majority of Africa's planned fossil fuel production is destined
for export to foreign markets, failing to fill the energy access gap on the
continent.

 

According to experts, international cooperation, through a Fossil Fuel
Non-Proliferation Treaty, can unlock the finance and technology essential
for Africa to unleash its clean energy potential, light up the continent,
and funnel this energy into improved development outcomes, economic growth,
public health benefits and educational development.

 

Data shows that across Africa, in 2019, outdoor air pollution and indoor air
pollution caused1.1 million deaths.

 

The treaty seeks to support and finance a global shift to renewables.

 

- New Times.

 

 

 

 

Nigeria: Tinubu Sets Up New Economic Coordination, Management Teams

The Presidential Economic Coordination Council (PECC) comprises
distinguished leaders and key government officials.

 

In a strategic move to bolster the nation's economic governance frameworks
and ensure robust and coordinated economic planning and implementation,
President Bola Ahmed Tinubu has approved the establishment of the
Presidential Economic Coordination Council (PECC) and the creation of the
Economic Management Team Emergency Taskforce (EET).

 

The Presidential Economic Coordination Council (PECC) comprises
distinguished leaders and key government officials, including:

 

(1) President of the Federal Republic of Nigeria - Chairman of the PECC

 

(2) Vice-President of the Federal Republic of Nigeria - Vice-Chairman of the
PECC / NEC Chairman

 

(3) President of the Nigerian Senate

 

(4) Chairman, Nigeria Governors' Forum

 

 

(5) Coordinating Minister for the Economy and Minister of Finance

 

(6) Governor of the Central Bank of Nigeria

 

(7) Minister of Agriculture and Food Security

 

(8) Minister of Aviation and Aerospace Development

 

(9) Minister of Budget and Economic Planning

 

(10) Minister of Communications, Innovation and Digital Economy

 

(11) Minister of Industry, Trade and Investment

 

(12) Minister of Labour and Employment

 

(13) Minister of Marine and Blue Economy

 

(14) Minister of Power

 

(15) Minister of State, Petroleum Resources

 

(16) Minister of State, Gas

 

(17) Minister of Transportation

 

(18) Minister of Works

 

The PECC will also comprise key members of the organized private sector,
with the following members joining for a period not exceeding one (1) year,
subject to the President's directive:

 

 

(1) Aliko Dangote

 

(2) Tony Elumelu

 

(3) Abdulsamad Rabiu

 

(4) Amina Maina

 

(5) Begun Ajayi-Kadir

 

(6) Funke Okpeke

 

(7) Doyin Salami

 

(8) Patrick Okigbo

 

(9) Kola Adesina

 

(10) Segun Agbaje

 

(11) Chidi Ajaere

 

(12) Abdulkadir Aliu

 

(13) Rasheed Sarumi

 

 

Furthermore, in his determination to address immediate economic challenges
and ensure the streamlined execution of economic strategies, President Bola
Tinubu has established the Economic Management Team Emergency Taskforce
(EET) with a mandate to formulate and implement a consolidated emergency
economic plan. The task force comprises key government officials and
industry leaders in furtherance of the President's collaborative approach
toward achieving economic resilience and growth. The EET is now mandated to
submit a comprehensive plan of economic interventions for 2024 to the PECC,
covering the next six (6) months, for immediate implementation within two
weeks of its inauguration. The EET will meet twice weekly and is composed of
the following members:

 

(1) Coordinating Minister for the Economy and Minister of Finance (Chairman
of the EET)

 

(2) Minister of Budget and Economic Planning

 

(3) Minister of Power

 

(4) Minister of Agriculture and Food Security

 

(5) Coordinating Minister of Health and Social Welfare

 

(6) Minister of Industry, Trade and Investment

 

(7) Governor of the Central Bank of Nigeria

 

(8) National Security Adviser

 

(9) Chairman, Nigeria Governors' Forum

 

(10) Governor of Anambra State

 

(11) Governor of Ogun State

 

(12) Governor of Niger State

 

(13) Executive Chairman, Federal Inland Revenue Service

 

(14) Director-General, Budget Office of the Federation

 

(15) GCEO, NNPC Limited

 

(16) Director-General, Nigeria Economic Summit Group

 

(17) Special Adviser to the President on Energy

 

(18) Bismarck Rewane, Economist

 

(19) Suleyman Ndanusa, Economist

 

The Economic Management Team, established in October 2023, and chaired by
the Coordinating Minister for the Economy and Minister of Finance, serves as
the working group under the Presidential Economic Coordination Council
(PECC), playing a crucial role in the economic governance structure
established by the President. The EMT traditionally meets monthly or as
required, but will now suspend its meetings for the duration of the EET's
mandate (six months). The EMT is composed of the following officials:

 

(1) Coordinating Minister for the Economy and Minister of Finance (EMT
Chairman)

 

(2) Governor of the Central Bank of Nigeria

 

(3) Minister of Budget and Economic Planning

 

(4) Minister of Industry, Trade and Investment

 

(5) Minister of Communications, Innovation and Digital Economy

 

(6) Minister of Works

 

(7) Minister of Labour and Employment

 

(8) Minister of Agriculture and Food Security

 

(9) Minister of State, Petroleum Resources

 

(10) Minister of State, Gas

 

(11) Minister of Power

 

(12) Minister of Transportation

 

(13) Minister of Aviation and Aerospace Development

 

(14) Minister of Marine and Blue Economy

 

The Chairman of the EMT may, as needed, call on any Federal Minister or Head
of Agency to brief the EMT on key programmes and developments affecting the
economy.

 

The President's formation of the PECC, under his Chairmanship, alongside the
creation of the EET, led by the Chairman of the EMT, and the EMT itself, is
the manifestation of a unified strategy aimed at enhancing Nigeria's
economic management architecture for verifiably improved performance. The
formation of these teams will complement existing economic governance
structures, including the National Economic Council (NEC), which is chaired
by the Vice-President.

 

Over the next six months, the EET will focus on the rapid implementation,
monitoring, and evaluation of critical initiatives, strengthening the
Tinubu-led administration's collective approach to advancing Nigeria's
economic objectives.

 

Ajuri Ngelale

 

Special Adviser to the President

 

(Media & Publicity)

 

- Premium Times.

 

 

 

 

Kenya: Pain for Civil Servants As Govt to Increase Rent for Housing Units

Nairobi — The Ministry of Housing and Urban Planning now plans to hike the
rent of civil servants living in 56,892 housing units across the country.

 

The rent hike comes after 23 years as the last review was conducted in 2001
due to delayed refurbishment of the houses as they lacked sufficient funding
to initiate the process.

 

Housing and Urban Planning Principal Secretary Charles Hinga told Members of
Parliament that the plans are rife as she has written to the National
Treasury seeking the permit to increase the rent.

 

"We wrote to the National Treasury on the rent issue and told them to allow
us to increase it because we believe that its high time, we looked at this
matter. The committee should note that the last review was done in 2001,"
stated Hinga.

 

He had appeared before the National Assembly Public Accounts Committee
chaired by Nominated MP John Mbadi to answer audit queries for the 2021/2022
financial year.

 

 

It emerged that millions were being lost in rental collection as the current
rents on the housing units doesn't reflect the market reality.

 

In Eastland's area, civil servants were paying an average rent of Sh2,200,
while those renting in Mbotela, Jogoo Road were paying Sh1,000 for a
one-room house.

 

Civil servants living along State House road, on the other end, were paying
Sh30,000 a month whereas the market price along the road charged anywhere
between Sh80,000 to Sh100,000.

 

"You can imagine that there are people paying as low as Sh1,000 for a house.
And whereas the average rent is Sh2,200 there are people paying more but
this is still not enough," said Hinga.

 

The financial shortfall facing the housing ministry has impeded the efforts
to conduct the repair of the houses in the current financial year.

 

This was even as MPs were told that some housing units were so dilapidated
to the extent that they couldn't be refurbished hence they were not
generating rental income.

 

 

"We are unable to keep up with best practice in the industry which is
conducting refurbishments because our collections are too low to facilitate
this," noted Hinga.

 

Documents tabled by the Auditor General show that the ministry had
experienced a Sh506,585,000 shortfall in revenue collections for the period
under review.

 

The Ministry of Housing was expected to collect Sh1.4 billion from the
56,892 houses.

 

Hinga explained that several ministries, Departments and Agencies (MDAs) had
deducted Sh16,990,206 from tenants but failed to remit the same to the state
department of housing.

 

"Rent is the easiest thing for MDAs to reconcile since they deduct it
directly from employee. We expected them to remit the funds to us but they
did not despite us writing to them and demanding for the same.," he
observed.

 

The Principal Secretary revealed that they have failed to meet the target as
various county governments had claimed ownership of the houses.

 

Hinga pointed an accusing finger at the Intergovernmental Relations
Committee (IGRTC) for failure to quickly transfer assets under the housing
function.

 

"We have been having very many meetings with IGRTC because we agree that
these houses belong to counties but they are still under our charge county
government," he said.

 

- Capital FM.

 

 

 

 

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.

 

 

 

 

Kenya Has Tightened Its Laws to Stop Money Laundering - Why Banks Are the
Focus

Kenya's banking industry has in recent years been in the crosshairs of
national, regional and international watchdogs, given the country's role as
a financial hub in eastern Africa. In 2023 Kenya enacted laws to curb money
laundering and combat terrorism financing.

 

While the laws have led to tougher sanctions on some banks, the risk of
money laundering remains, and the country was recently greylisted by the
Financial Action Task Force. A grey list contains countries that are
actively working with the Financial Action Task Force to address loopholes
in countering money laundering, terrorist financing, and proliferation
financing.

 

Constance Gikonyo, a corporate law academic who has researched the place of
banks and piracy in money laundering, answers questions about existing
loopholes.

 

How is money laundered through banks?

 

Money gained illegally can be laundered by placing it into the financial
system, through banks. Those who launder money typically engage in
"smurfing" and "structuring". This is the breaking down of large sums of
money into smaller transactions so as to evade the reporting threshold and
to avoid suspicion. In Kenya, the reporting threshold has been increased
from US$10,000 to US$15,000. Banks have to report certain transactions to
the Financial Reporting Centre.

 

 

Once in the financial system, the money is moved around in a process known
as layering. Funds are moved through different banks using different
transactions and bank accounts so as to disguise the illicit origin of the
money.

 

Once the money is disguised, the banks will again be involved in the process
of integration. This is where the money is deposited into the bank account
of the person or entity that finally uses it. That way, the criminal
proceeds are integrated with legitimate funds. These funds make their way
into the economy through investments such as purchasing a property.

 

 

Why are banks the prime targets of money launderers?

 

Banks offer a gateway into the financial system. Once the funds are in the
financial system it is easier to disguise their illegal origin. Also,
technological advancements and integration of the global financial system
makes it easier and faster to move the money around and across borders.

 

Some banks have weak know-your-customer procedures - mandatory checks meant
to identity and verify customers when opening an account and periodically
over time. These can be exploited. Banks don't always continue monitoring
customers effectively.

 

There are also cases of complicit individuals within banks using the system
to aid money laundering.

 

What are the duties of banks?

 

Kenya's law, the Proceeds of Crime and Anti-Money Laundering Act, imposes
duties on banks in seeking to deal with money laundering. Banks must:

 

 

Evaluate their customers thoroughly. The due diligence should be based on an
assessment of the customer as a risk. The riskier a customer appears to be,
the more comprehensive the evaluation should be.

Keep records of transactions and customer identification information for at
least seven years after the end of engagement.

Report suspicious transactions and cash transactions of US$15,000 or more to
the Financial Reporting Centre, an agency created under the same law for the
purpose of fighting money laundering.

Hire money laundering compliance officers and ensure continuous staff
training on anti-money laundering and combating financing to terrorism. All
banks are required to develop internal policies, procedures and controls to
combat these crimes.

What challenges do banks face in fighting money laundering?

 

Technological advancements mean that money launderers can be a step ahead of
the measures the banks have put in place. The criminals can find ways to
avoid detection by the systems in banks. The rise of digital and
cyber-enabled financial crimes increases the challenge for banks. Compliance
requirements mean banks have to invest in personnel, technology and
training. This increases their operation costs. Banks also invest in
research to help identify weaknesses in their systems.

 

Banks have to balance regulatory requirements with customer service and
customer privacy. Customer background checks can be intrusive but a bank
faces sanctions and reputational risks if it does not do them.

 

Corrupt individuals working in banks can assist in money laundering. Banks
should vet staff when they hire them, especially those in sensitive roles,
and continuously monitor them.

 

The global nature of the financial system means banks must deal with
financial institutions and different regulatory standards in different
jurisdictions. Compliance with all these can be a challenge. Criminals will
identify the loopholes and gaps created by these differences and seek to
exploit them.

 

What are the main markers of a well-governed financial system?

 

A well-governed financial system has effective policies and practices for
combating money laundering and financing of terrorism. The relevant
authorities ensure the laws are enforced. There should also be international
cooperation, and engagement between the private sector and relevant
regulatory and enforcement agencies.

 

Effective supervision by the central bank is a feature of a well governed
system. Central banks ensure the stability, soundness and integrity of the
banking system. They should establish a proper regulatory framework for
banks, tighten their licensing and approval processes, ensure continuous
monitoring and examination of sector players, and provide early warning
systems. Weak supervision would mean that consumers were not adequately
protected. This leads to loss of public trust and international confidence.
Financial instability could be the end result.

 

The public and private sectors should collaborate actively. In Kenya the
Financial Reporting Centre and the Law Society of Kenya are working together
towards implementing the anti-money laundering provision which requires
lawyers to report entities that make suspicious transactions.

 

Regulatory bodies and law enforcement agencies need resources to do their
work. Preventing, identifying and dealing with financial crimes requires
funds to innovate, to develop staff capacity and for infrastructure.

 

Transparency and accountability in financial institutions encourages
compliance with regulatory standards. Banks with a culture of innovation and
investment in new technologies are best placed to achieve transparency and
accountability.

 

Constance Gikonyo, Corporate Law Lecturer, University of Nairobi

 

 

 

 

Kenya: AFA Appoints Trade Expert As New DG After Decade-Long Search

Bruno Linyiru has been appointed as the Director General of the Agriculture
and Food Authority (AFA), marking the culmination of a decade-long quest for
a substantive head.

 

Dr Linyiru's selection was made by Agriculture Cabinet Secretary Mithika
Linturi, positioning him as the inaugural substantive head of AFA since its
inception in 2014.

 

Although the new appointee's name has yet to be officially gazetted, AFA
chairman Cornelly Serem confirmed to Business Day Africa the occurrence of
the appointment yesterday, refraining from disclosing the appointee's
identity.

 

 

"I am aware that someone has been appointed, however, due to my absence from
the office, I am not in a position to disclose the appointee's name," said
Mr Serem.

 

This appointment sparked considerable interest among senior officials at the
Office of the President and Kilimo, leading to delays in the selection
process despite the conclusion of interviews in January this year.

 

Three candidates were submitted to CS Linturi for consideration, including
Christine Chesaro, the current acting head of the Horticulture Directorate
and a former Chief Executive Committee Member for Agriculture in Nandi
County.

 

Controversy surrounding the appointment emerged last year when the initial
public notice inviting applications for interviews was retracted,
subsequently readvertising the position with revised qualifications.

 

The initial advertisement stipulated a requirement of at least a Master's
degree and a bachelor's in agriculture coupled with 10 years of experience,
whereas the subsequent advertisement lowered the qualification threshold to
any degree, omitting the necessity for a Master's degree and reducing the
requisite experience to five years.

 

 

Dr Linyiru holds a PhD in entrepreneurship from JKUAT and has served at the
Ministry of Trade as the Secretary of Trade.

 

Since its establishment in 2014, AFA has witnessed a succession of five
different Acting DGs, with all heads of various directorates serving in an
acting capacity throughout this period. AFA's inception followed the
amalgamation of former agricultural parastatals under a unified entity.

 

Calls from farmer groups and legislators have advocated for the dissolution
of AFA, proposing the reversion of current directorates to their original
independent forms.

 

Thus far, the Tea Board of Kenya stands as the sole entity to have severed
ties with AFA, attaining autonomy as an independent parastatal.

 

- Business Day Africa.

 

 

 

 

Uganda Launches Initiative to Expand Access to Off-Grid Solar Power in
Refugee Communities

Uganda is taking significant strides towards achieving universal electricity
access by 2040, with the launch of a groundbreaking financial project aimed
at improving access to off-grid solar products in underserved refugee
communities and their host districts.

 

Currently, the country boasts a 57% reach and access to electricity through
both on-grid and off-grid connections.

 

However, a substantial portion of the population still lacks access to
electricity, primarily due to the high cost of grid connections and elevated
power tariffs, exacerbated by instability in power supply across many
regions.

 

 

Okasai Opolot, the State Minister for Energy and Mineral Development,
highlighted the urgency of addressing these challenges:

 

"High power tariffs and unstable power in most parts of the country continue
to hinder progress towards achieving universal electricity access."

 

In response to these obstacles, the Private Sector Foundation Uganda (PSFU)
and the Government of the Netherlands have unveiled a demand-side,
result-based financial project.

 

This initiative aims to bridge the affordability gap for improved off-grid
solar products, particularly targeting marginalized refugee communities and
their host districts.

 

"As we strive to address the electricity access gap, initiatives like this
demand-side financial project are crucial in promoting the affordability of
off-grid solar products," stated Asiimwe Stephen, Executive Director of
PSFU.

 

Humphrey Nzeyi, Chairman of PSFU, expressed optimism about the project's
potential impact:

 

he stated. "By focusing on enhancing access to off-grid solar solutions, we
are not only providing reliable electricity to underserved communities but
also contributing to sustainable development and economic empowerment."

 

The collaboration between the Private Sector Foundation Uganda and the
Government of the Netherlands underscores the importance of public-private
partnerships in driving inclusive growth and addressing pressing development
challenges.

 

With the launch of this initiative, Uganda takes a significant step forward
in its quest to ensure that all citizens have access to affordable,
reliable, and sustainable energy sources, thereby unlocking opportunities
for social and economic advancement across the country.

 

- Nile Post.

 

 

 

Rwanda: New Times Journalists Win Rwanda's First-Ever AI Journalist
Challenge

The New Times reporters Patrick Nzabonimpa and Heritier Bahizi emerged as
the first two winners in the Artificial Intelligence (AI) Journalist
Challenge, each receiving Rwf 1.5 million and 1 million, respectively.

 

Nzabonimpa won the challenge for Best AI Story, while Bahizi was named the
first runner-up in the country's inaugural journalist challenge focusing on
AI.

 

The awarding ceremony took place on March 26 at Sainte Famille Hotel in
Kigali.

 

The challenge targeted local media and content creators, and was organised
by the German Development Agency (GIZ) in partnership with the Ministry of
Information Communication Technology and Innovation (MINICT) and the UNESCO
Regional Office for Eastern Africa to nurture and encourage high-quality
coverage of AI and its related implications on society in Rwanda.

 

Nzabonimpa's award-winning story discusses the potential of AI-powered
chatbots in enhancing access to mental health care and combating stigma.

 

It highlights studies showing that the chatbots can improve engagement and
adherence compared to traditional methods and explores the ethical
considerations, risks, as well as the importance of balancing AI chatbots
with human therapists to provide holistic mental healthcare services.

 

Bahizi's story explores the implementation of generative AI in content
creation in Rwanda, highlighting its potential and the challenges it poses.
It discusses how AI tools like ChatGPT and Adobe Project Fast Fill
streamline content creation processes, leading to efficiency gains for
creators.

 

It further addresses concerns such as the need for regulations to ensure
responsible AI usage and the potential risks associated with deepfake
technology.

 

ALSO READ: Rwanda needs $76m to implement new AI policy

 

The AI Journalist Challenge followed a four-day workshop held earlier in
February, where 14 local journalists were trained and upskilled on the
foundations, ethics and best practices of AI and tech reporting.

 

Apart from The New Times reporters, the awarding ceremony saw other
reporters being recognised.

 

Francine Andrew Saro from fezaa.com was awarded as the second runner up in
the challenge, while Jean Paul Niyonshuti from RBA and Leontine Ineza from
Energy Radio received honorary mentions for their stories.

 

As part of the challenge, journalists were invited to submit entries on a
variety of AI topics relevant to Rwandan society to be published and
disseminated across a variety media channels, such news media, community
radios and social media.

 

Journalists were also guided by UNESCO's Handbook on Reporting on Artificial
Intelligence, published under the International Programme for the
Development of Communication (IPDC).

 

The IPDC is the only multilateral forum in the UN system designed to
mobilise the international community around media development, and seeks to
secure a healthy environment for the growth of free and pluralistic press.

 

Furthermore, an expert jury comprising experienced professionals was
responsible for evaluating the submitted stories. Entries were evaluated on
accuracy, depth, clarity, and potential to raise awareness about AI in
Rwanda and its implementation.

 

Rwanda, after adopting its National AI Policy in 2022, aims to establish
itself as an AI leader in Africa.

 

The government, supported by GIZ, is running awareness campaigns to educate
Rwandans about the policy's implications, benefits, and risks. The
initiative, led by the MINICT, seeks to create a knowledgeable society that
actively participates in the country's AI plans.

 

The organisation recognises that engaging journalists and media ensures
quality AI journalism and citizen education.

 

- New Times.

 

 

 

 

Sam Bankman-Fried: Disgraced 'Crypto King' to be sentenced

Sam Bankman-Fried, the former billionaire crypto boss who was convicted of
fraud and money laundering last year, will return to court in New York on
Thursday to be sentenced for his crimes.

 

It is certain the 32-year-old will be going to jail; what is not known is
how long for.

 

The moment has revived debate about the extent of his crimes - and what
punishment might fit.

 

His legal team have called for leniency, but prosecutors are seeking 40 to
50 years in prison.

 

They say such a sentence is warranted for someone who lied to investors and
banks, and stole billions in deposits from customers of his now-bankrupt
crypto exchange, FTX.

 

 

His defence team has proposed five to 6.5 years, accusing the government of
adopting "a medieval view of punishment" by insisting on a lengthy term
behind bars for a non-violent, first-time criminal.

 

The question has generated hundreds of pages of letters from former FTX
customers, family, friends of his parents - even complete strangers - trying
to sway Judge Lewis Kaplan, the federal justice who will decide his fate.

 

"He has shown no remorse so why would any judge show any mercy?" said Sunil
Kavuri, a British investor who had more than $2m worth of holdings on the
exchange when it collapsed, and one of the people mobilising former
customers to share their experience with the court.

 

Sunil Kavuri

Sunil Kavuri faces a long and uncertain wait to retrieve any of his
investment

FTX's collapse in 2022 was a stunning fall for Bankman-Fried, who had become
a billionaire and business celebrity promoting the firm, a platform people
could use to deposit and trade crypto.

 

 

It attracted millions of customers, before rumours of financial trouble
sparked a run on deposits.

 

In November 2023, a US jury found Bankman-Fried had stolen billions in
customer money from the exchange ahead of the collapse to buy property, make
political donations and use for other investments.

 

Many of those customers now appear poised to recover significant sums, under
a plan being developed in the separate bankruptcy case.

 

Under that proposal, former customers could receive money based on what
their holdings were worth at the time the exchange collapsed.

 

In court filings, the defence for Bankman-Fried, who is expected to appeal
his conviction, has argued that such recovery warrants a lighter sentence.

 

 

They said it proved that "money has always been available" which "would be
impossible if [FTX's] assets had disappeared into Sam's personal pockets".

 

But the repayment plan has left many former customers outraged, since they
will miss out on the crypto rebound that has occurred since.

 

John Ray, the lawyer leading FTX through bankruptcy and a critic of
Bankman-Fried, noted the concerns in his own letter to court.

 

"Make no mistake; customers, non-governmental creditors, governmental
creditors, and non-insider stockholders have suffered and continue to
suffer," he wrote to the court, arguing that the claims of minimal loss were
a sign that Bankman-Fried continued to live "a life of delusion".

 

Former FTX customers interviewed by the BBC said they were offended by the
blithe dismissal of their problems, and urged the judge to reject calls for
leniency.

 

 

"The people who are saying this are not in a position like I'm in, where
you've lost everything," said Arush Sehgal, a 38-year-old tech entrepreneur
living in Barcelona, who, with his wife, is one of the exchange's biggest
individual creditors, with about $4m worth in savings in dollars and bitcoin
at FTX when it collapsed.

 

Arush Sehgal Arush SehgalArush Sehgal

He is one of the customers suing over the current bankruptcy plan, which he
said amounted to a "second crime" against Bankman-Fried's customers.

 

Angela Chang, of Vancouver, a 36-year-old who worked in software, said she
had about $250,000 deposited in dollars with FTX when it collapsed. She said
she feared the harm done to FTX customers was being discounted because they
were in the crypto industry.

 

"People think that crypto is criminal and so they have sympathy for this guy
.... But I'm not a criminal," she said, describing how the fall of the firm
threw her into depression and left her running up credit card debt. Facing a
cash crunch, she ultimately sold a portion of a claim to an investor.

 

 

Columbia Law professor Daniel Richman said the scale of the crime was rarely
as contested as in this case.

 

But he said decisions are often shaped more by other issues, including a
judge's own impressions of the defendant, and what it would take to deter
him from further crimes.

 

In this case, Judge Kaplan, a veteran of the court system who has presided
over a slew of high profile trials involving public figures such as Donald
Trump and actor Kevin Spacey, has already proven to be sceptical of
Bankman-Fried's actions, revoking his bail last year after finding he was
trying to intimidate other witnesses.

 

"Any judge or lawyer will tell you that one of the best things the defendant
can do before being sentences is really really show he's on the right path,
show some remorse and show some degree of self-knowledge as to his offence,"
Prof Richman said.

 

"Here you not only have a defendant who went to trial but you have one who
really, at least the judge believed, was obstructive prior to trial," he
said, adding that it would be "really surprising" for Judge Kaplan to render
a sentence anything like the defence request.

 

 

FTX's Sam Bankman-Fried believed in 'effective altruism'. What is it?

Convicted 'Crypto King' faces decades in jail

Everyone got duped by Sam Bankman-Fried's big gamble

Since the 1980s, the US has significantly increased the length of its
official recommendations for jail time for white collar criminals.

 

Though judges frequently depart from the guidelines, introducing wide
variability, "the risk of harshness is greater than in most countries" -
particularly for high-profile cases, Prof Richman said.

 

In her own appeal to the judge, Barbara Fried, Bankman-Fried's mother and a
former law professor, noted the "punitive nature" of the US justice system
"which makes us an extreme outlier among democracies".

 

"I have no illusions about the redemptive power of prisons," she wrote.
"Being consigned to prison for decades will destroy Sam as surely as would
hanging him."

 

-BBC

 

 

 

 

Xiaomi: The Chinese smartphone giant taking on Tesla

Chinese smartphone maker Xiaomi is set to launch its first electric vehicle
(EV) and begin taking orders on Thursday.

 

Its chief executive Lei Jun said this week that the Speed Ultra 7 (SU7)
would be priced below 500,000 yuan ($69,186; £54,836).

 

The move will see the technology giant taking on rivals like Tesla and BYD.

 

Xiaomi's entry into the electric car market comes as sales growth has slowed
globally, triggering a price war.

 

The firm is hoping that the SU7's shared operating system with its phones,
laptops and other devices will appeal to existing customers.

 

Xiaomi is the third-largest seller of smartphones worldwide with a market
share of about 12%, according to research firm Counterpoint.

 

The SU7, which Xiaomi has been teasing since last year, has drawn
comparisons to Porsche's Taycan and Panamera sports car models.

 

It will be made by a unit of state-owned car manufacturer BAIC Group at a
plant in Beijing that can produce as many as 200,000 vehicles a year.

 

"While getting this far is itself quite an achievement, the ultimate
achievement would be to demonstrate that there is a consumer market for
Xiaomi as a smart EVs brand," Bill Russo of Automobility told the BBC.

 

In an indication of the challenges facing technology firms who want to make
electric cars, iPhone maker Apple last month reportedly cancelled its plans
to build an EV.

 

Mr Russo added that Xiaomi's entry into the car market reflects its
confidence "in the relevancy for their brand" in China while Apple did not
see enough potential in the EV market outside of China.

 

Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over
the next 10 years.

 

"The Chinese EV market is very mature and creates a very stable ecosystem
for the EV manufacturers," said Abhishek Murali from research firm Rystad
Energy.

 

"For example, the battery supply chain is very strong, and the charging
network in the country is also growing to meet the growing EV feed."

 

The launch of Xiaomi's first car comes as a price war in China's EV market
has been intensifying.

 

Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of
its cars in China by thousands of dollars in recent months as local rivals
like the world's top-selling EV maker BYD have slashed prices.

 

The world's biggest car market is already crowded so Xiaomi is one of the
few new prospective entrants to gain approval from authorities as officials
try to curb a flood of new players.

 

Earlier this week, BYD posted record annual profits but said growth had
slowed towards the end of last year.

 

Shanghai-based electric car maker Nio on Wednesday lowered its forecast for
first quarter deliveries as consumers tightened spending as China's economic
growth weakens.

 

American EV giant Tesla is due to announce its delivery numbers for the
first three months of 2024 next week.

 

At the same time, governments around the world are pushing back against
imports of foreign-made EVs.

 

On Tuesday, Beijing initiated dispute settlement proceedings against the US
at the World Trade Organization to contest "discriminatory subsidies" under
the US Inflation Reduction Act.

 

Meanwhile, the European Union has launched an investigation into whether
Chinese government subsidies have helped the country's electric car makers
undercut European-made models.-BBC

 

 

 

 

Disney and DeSantis allies end legal dispute over control of theme park

Allies of Florida Governor Ron DeSantis and Disney have reached a settlement
agreement over how Walt Disney World is governed in the future.

 

It comes after a judge ruled in January that it was legal for the state to
make changes to the amusement theme park's district government.

 

A row between the two sides has been trundling on for almost two years.

 

It was sparked by Disney's criticism of a state law that restricted the
teaching of sexuality in schools.

 

In a meeting on Wednesday, members of the Central Florida Tourism Oversight
District board approved the settlement agreement.

 

Jeff Vahle, president of Walt Disney World Resort, said in a statement that
the company was pleased that a settlement had been reached.

 

"This agreement opens a new chapter of constructive engagement with the new
leadership of the district and serves the interests of all parties by
enabling significant continued investment and the creation of thousands of
direct and indirect jobs and economic opportunity in the state," the
Associated Press news agency quoted Mr Vahle as saying.

 

 

The two sides started feuding after Disney, under pressure from its staff,
criticised the Parental Rights in Education Act - dubbed the "Don't Say Gay"
bill by critics - which bans discussion of sexual orientation and gender
identity for students in Florida.

 

In response to Disney's criticism, Mr DeSantis - who is a proponent of the
law - passed legislation that stripped Disney of its self-governing
authority - a power the company had for more than 50 years.

 

The move gave more power to Mr DeSantis, who now appoints members of a board
that governs the park's 25,000 acres.

 

But before the board changed hands, Disney supporters on the board signed
agreements with the company shifting control of some aspects at Disney World
to the company - a move the district then sued Disney over. The company also
countersued.

 

Under Wednesday's agreement, litigation counsel Paul Huck said at the board
meeting that the company recognised that the signing over of control to
Disney before the board changed hands was "null and void".

 

The city-sized theme park had been operated by Disney since 1971.-BBC

 

 

 

 

Bankers jailed for interest rate rigging lose appeal

Two former bankers found guilty of rigging key interest rates have had their
appeal against their convictions dismissed by the Court of Appeal.

 

Tom Hayes and Carlo Palombo were among 37 City traders prosecuted for
manipulating rate benchmarks, Libor and Euribor.

 

Both men spent time in prison before being released in 2021.

 

Their case went before the Appeal Court after a judge in the US overturned
similar convictions there.

 

The convictions hinged on whether the traders acted dishonestly by
influencing the setting of key Libor and Euribor interest rates, or whether
it was normal practice at the time.

 

In the original trial, Mr Hayes, who worked as a trader for UBS and then
Citigroup, was described as the "ringmaster" of a plot to ensure Libor, a
key interest rate, was set at levels that would benefit his own trades.

 

Mr Hayes, now 44, who has been diagnosed with autism, has spent the last
nine years trying to overturn his conviction.

 

He succeeded in reducing his original 15-year jail sentence to 11 years, of
which he served half.

 

In the US, rate rigging convictions, including for Mr Hayes, have been
overturned after an appeal court said the US government had failed to
provide evidence the traders had said anything false or broken any rules.

 

The cases of Mr Hayes and Mr Palombo were referred back to the UK Court of
Appeal last year by the Criminal Cases Review Commission on the basis that
the courts might prefer the view of the US judges.

 

But Lord Justice Bean, the lead judge on the appeal panel, said the US
judgment "is not, and could not be, relevant" to the issues in English law.

 

Lawyers for Mr Hayes and Mr Palombo had raised concerns that judges had
decided whether their conduct was permitted, but this should have been for
the jury to decide. This was also dismissed.

 

The traders say they will now apply to take their cases to the Supreme
Court.

 

Jailed bankers appeal against interest rate 'rigging' convictions

Mr Palombo, who worked for Barclays, was convicted of seeking to influence
where the Euribor interest rate was set to suit his trading positions.

 

The scandal around the setting of Libor and Euribor broke in 2012 just after
the financial crisis, as a light was shone on the workings of the City of
London.

 

The subsequent prosecutions in London and New York focused the blame on
individual traders.

 

Juries were shown messages in which the traders had jokily discussed how
easy it was to influence where the rate was set, for example, a message from
Mr Hayes suggesting you just needed to offer the colleague responsible a
Mars Bar.

 

Banks have paid $9bn in fines for manipulating Libor and Euribor but no
senior executive has ever been prosecuted.

 

The UK is currently the only jurisdiction in the world that treats what
traders did as criminal.

 

The BBC revealed evidence last year that indicated that central banks
including the Bank of England and the central banks of France, Italy, Spain
and the US intervened on a large scale in the setting of Libor and
Euribor.-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

Website:             <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:                  <http://www.bullszimbabwe.com/blog>
www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:           <http://www.facebook.com/BullsBearsZimbabwe>
www.facebook.com/BullsBearsZimbabwe



 

 

 


 

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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240328/68d78e2f/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240328/68d78e2f/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 251612 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240328/68d78e2f/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240328/68d78e2f/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240328/68d78e2f/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65614 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240328/68d78e2f/attachment-0001.obj>