Major International Business Headlines Brief::: 07 May 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  07 May 2024 

 


 


 

	
 


 

 


 

ü  Kenya: KQ to Resume Kinshasa Flights Tomorrow After Release of Detained
Staff

ü  Nigeria: Jalingo Residents Demand Connection to Kashinbilla Hydro-Power
Station Amid Power Outage

ü  Nigeria: World Bank, Partners Plan $500m to Bridge Agric Data Gap in
Nigeria, Others

ü  Kenya: KQ Resumes DRC Flights Following Staff Release

ü  Nigeria Cuts Electricity Supplies to Benin Republic, Togo, Niger to Boost
Domestic Supply

ü  Namibia: World Bank Loan to Namibia Supports Renewable Energy Integration

ü  Rwanda: Why Rwanda Is Attracting Increased Investments

ü  Nigeria: Pipelines Survelance Contract - Leave Olu of Warri Alone -
Okotie Eboh

ü  Rwanda Names 'Sweet Spots' for National Digital Currency

ü  Nigeria: Senior Civil Servants to Govt - Expose Cabals Behind Fuel
Scarcity

ü  Boeing crewed space launch postponed for safety check

ü  Boeing in new inquiry over 787 inspection doubts

ü  How quantum physics could 'revolutionise everything'

ü  Qantas agrees payouts over 'ghost flights'

ü  Heineken to reopen more than 60 closed pubs

 


 

 


 <https://www.cloverleaf.co.zw/> Kenya: KQ to Resume Kinshasa Flights
Tomorrow After Release of Detained Staff

Nairobi — Kenya Airways will resume its flights to the Democratic Republic
of Congo's Capital, Kinshasa, starting Wednesday following the release of
its detained staff by the Congolese Military on Monday.

 

The National carrier announced Monday that the decision follows the
"unconditional' release of two of its employees who had been in detention
since April 19.

 

The KQ had suspended its flights to Kinshasa on April 29 noting that the
detention of staff had made it difficult for the airline to supervise its
operations in Kinshasa.

 

"With the necessary ground support in place, we are pleased to announce that
Kenya Airways will resume flights to Kinshasa on 8 May 2024. We look forward
to serving our valued customers once again," KQ's Group Managing Director,
Allan Kilavuka stated.

 

The KQ staff had been arrested by the Congolese Military Intelligence Unit
over missing customs documentation on "valuable" cargo.

 

However, the airline protested the detention of its staff, clarifying that
the contested cargo had not been uplifted or accepted due to incomplete
documentation, maintaining that the detention was unjust.

 

Kilavuka confirmed the release Monday thanking all parties who played a role
in negotiating their release.

 

"Special thanks to KQ colleagues who have been on the ground in Kinshasa and
those in Nairobi working to secure their release," Kilavuka said.

 

Kilavuka also thanked the Kenyan government, led by Prime Cabinet Secretary
Musalia Mudavadi, and the Kenyan embassy in Kinshasa for the outcome.

 

The KQ boss maintained the innocence of their employees and reiterated that
they were only carrying out their duties in strict adherence to the laid-out
procedures.

 

"We stand by their innocence and will continue to support them," Kilavuka
said.

 

Kilavuka noted that they will continue cooperating with the investigating
agencies and the relevant government entities in both DRC and Kenya.

 

-Capital FM.

 

 

 

Nigeria: Jalingo Residents Demand Connection to Kashinbilla Hydro-Power
Station Amid Power Outage

In the wake of a prolonged power outage lasting over 12 days in Jalingo, the
capital of Taraba State, residents are demanding immediate action to connect
the town to the Kashinbilla Hydro-Power Station, located in the southern
part of the state.

 

The station boasts capacity of generating 40 megawatts, a potential solution
to the current power crisis gripping the city.

 

Voicing their frustrations, Abubakar Sani, a prominent rice miller and
businessman in Jalingo, decried the disparity in power distribution across
the state.

 

He said it was unfair that the southern senatorial zone was enjoying
uninterrupted power while the rest, including Jalingo, suffer from chronic
outages.

 

Sani emphasised that as the state capital, Jalingo, hosts a significant
population, numerous institutions, hospitals, and government ministries, all
of which depend on reliable electricity to function efficiently.

 

Bulus James, another resident, lamented the diversion of power generated by
the Kashinbilla Hydro-Power Station to neighbouring states, leaving Jalingo
and other parts of Taraba in darkness. He said the recent disruption in
power supply from the Gombe power line due to vandalisation has exacerbated
the situation.

 

James urged both the federal and Taraba State governments to prioritise
connecting the central and northern zones of the state to the Kashinbilla
Hydro-Power Station.

 

  Daily Trust.

 

 

 

 

Nigeria: World Bank, Partners Plan $500m to Bridge Agric Data Gap in
Nigeria, Others

A global multi-institutional collaboration has concluded plans to deploy a
US$500 million fund for engendering smartness in agricultural development
and policy conceptualization through credible data gathering.

 

Through an internationally conceived 50x2030 initiative, the World Bank, the
Food and Agriculture Organization of the United Nations (FAO) and the
International Fund for Agricultural Development (IFAD) have signed an
agreement to, in 10 years, commit the sum of US$500 million towards data
gathering to stem agricultural production without solid information base.

 

 

Expected gains from the 50x2030 initiative include among others, increased
agricultural productivity, enhanced livelihoods and development of informed,
smart and virile agricultural policies.

 

The programme aims to build capacity to enable data-driven policies and
decision-making.

 

The partnership through the 50x2030 Initiative would directly impact 50
countries in Africa, Asia, the Middle East and Latin America by 2030.

 

In Nigeria, the mandate for implementing the 50x2030 Initiative is the Agro
Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project.

 

ACReSAL is an agency of the federal government supported by the World Bank
having a mandate of environmental, agriculture and water resources
management.

 

Through ACreSAL, the federal government plans to check the menace of
desertification, restore degraded lands, develop special ecosystems and
catalyse sustainable agricultural production in Nigeria's 19 northern states
and the FCT, Abuja.

 

The initiative will help achieve food security, sustainability and climate
change by building stronger national agricultural data systems.

 

The Project Task Team Leader, AGReSAL, Dr Joy Ighanya Agene, said the
initiative holds great promises including among others, taming
desertification, stemming the shrinking of the Lake Chad, removing climate
change-induced pastoral nomadism that keep unleashing farmers-herders
clashes and insecurity.

 

Addressing a team of strategic experts drawn locally and internationally,
Agene explained the need for contributions from stakeholders who would
enliven the initiative.

 

Funding for the 50/2030 Initiative is planned to be sustainable. It will be
sourced through participatory contribution. Governments of the participatory
nations have to make available 70 per cent of the funding if they are to
unlock the remaining 30 per cent funding from the developmental partners.

 

The national data-gathering exercise is scheduled to hold between October
2024 and April 2025. The sourced data are planned after analysis, to be
ready for use six months after the end of the exercise.

 

It would be recalled that in preparation for the Data collection exercise,
ACReSAL organised a two-day training for all its officers from across the 19
northern states and the Federal Capital Territory and stakeholders between
April 24 and 25 2024.

 

Daily Trust.

 

 

 

 

Kenya: KQ Resumes DRC Flights Following Staff Release

Kenya Airways has swiftly resumed its flights to the Democratic Republic of
Congo (DRC), a day after the release of two of its employees who were
detained over a week ago in Kinshasa.

 

The national carrier, commonly known as KQ, announced the reinstatement of
its flights effective Wednesday, following a brief suspension of services on
these routes just days prior.

 

Diplomatic channels were vigorously engaged in securing the release of the
Kenya Airways personnel, who had been apprehended by the Congolese military.
The individuals were detained in connection to allegations concerning the
handling of valuable cargo.

 

 

On Monday, Kenya Airways disclosed that the two employees, embroiled in
accusations regarding the handling of said cargo, had been liberated.

 

Allan Kilavuka, the airline's Chief Executive Officer, expressed gratitude
towards Kenya's Foreign Office for their involvement in the resolution of
the matter.

 

"We are pleased to announce that Kenya Airways will resume flights to
Kinshasa on May 8, 2024, with the necessary groundwork in place. We eagerly
anticipate resuming service for our esteemed clientele," said Mr Kilavuka.

 

The CEO extended appreciation to the Kenyan government, led by Prime Cabinet
Secretary Musalia Mudavadi, and the Kenyan embassy in Kinshasa for their
support throughout the ordeal.

 

Kenya Airways reiterated its firm stance on the innocence of its staff
members, emphasizing that they were merely executing their duties in strict
accordance with established protocols. "We maintain our unwavering support
for their innocence," affirmed the carrier.

 

The basis for the employees' arrest purportedly stemmed from purported
discrepancies in customs documentation related to valuable cargo scheduled
for transport on a KQ flight on April 12.

 

However, the airline clarified that said cargo had not been uplifted or
accepted due to incomplete documentation.

 

Business Day Africa.

 

 

 

 

Nigeria Cuts Electricity Supplies to Benin Republic, Togo, Niger to Boost
Domestic Supply

The Federal Government has decided to improve the domestic power supply by
cutting the sales to cross-border in the Niger Republic, Niger Republic and
Togo.

 

The electricity regulator, Nigerian Electricity Regulatory Commission (NERC)
ordered a department within the Transmission Company of Nigeria, the System
Operator (SO), to cap power supply to the three neigbhouring customers to
six per cent.

 

NERC's order, published on Friday, was dated April 29, 2024, and effective
from May 1, 2024, was jointly signed by the commission's Chairman, Sanusi
Garba, and Vice Chairman, Musiliu Oseni.

 

The directive, outlined in a document titled 'Interim Order on Transmission
System Dispatch Operations, Cross-border Supply, and Related Matters,' will
only last for six months, subject to change.

 

According to the document, power delivery to Nigeria's neighbours must not
exceed six per cent of the total grid electricity at any given time.

 

 

The electricity sector regulator expressed concern about sub-optimal grid
dispatch practices, which have impacted the ability of Distribution
Companies (DisCos) to meet their service tariff commitments to end-users.

 

"The reliance on limiting Discos' load off-take while prioritising
international off-takers and Eligible Customers has proven neither efficient
nor equitable," the document read.

 

NERC stressed that the current international and bilateral contracts with
Generation Companies (GenCos) often fall short of industry standards.

 

It stated that many off-takers contracted bilaterally by GenCos exploit this
prioritisation, exceeding their contracted levels during peak operations
without penalties.

 

As an interim measure, NERC said the move was targeted at guiding the system
operator and TCN in implementing Standard Operating Procedures to enhance
transparency and fairness in grid operations.

 

The order also called on the system operator to place interim caps on
capacities supplied to international customers for the next six months,
minimising the impact on domestic supply obligations by Gencos.

 

The document stated that the system operator must develop and present a
pro-rata load-shedding scheme to ensure equitable load allocation to all
off-takers (Discos, international customers, and eligible customers) during
generation drops or grid imbalances.

 

"The system operator will log and publish hourly readings, enforcing
penalties for violations of grid instructions and contracted nominations.
Maximum load allocation to international off-takers in each trading hour
shall not exceed six per cent of the total available grid generation."

 

It partly read, "The commission hereby orders as follows: The system
operator shall develop and present to the commission for approval within
seven days from the issuance of this order a pro-rata load-shedding scheme
that ensures equitable adjustment to load allocation to all off-takers --
Discos, international customers, and eligible customers -- in the event of a
drop in generation and other under-frequency related grid imbalances
necessitating critical grid management.

 

"The system operator shall implement a framework to log and publish hourly
readings and enforce necessary sanctions for violation of grid instructions
and contracted nominations by off-takers in line with the grid code and
market.

 

"The aggregate capacity that can be nominated by a generating plant to
service international off-takers shall not be more than 10 per cent of its
available generation capacity unless in exceptional circumstances a
derogation is granted by the commission."The system operator shall
henceforth cease to recognise any capacity addition in bilateral
transactions between a generator and an off-taker without the express
approval of the commission," it added.

 

It urged, "The system operator and TCN to immediately initiate and install
integrated Internet of Things (IoT) meters at all off-take and delivery
points of eligible customers, bilateral supplies, cross-border trades, and
outgoing 33kV feeders of the Discos to provide real-time visibility of
aggregate offtake by grid customers.

 

"The installation of and streaming of data from the IOT meters should be
completed within three months from the date of this order."

 

- Vanguard.

 

 

 

 

Namibia: World Bank Loan to Namibia Supports Renewable Energy Integration

Windhoek — --Today marks the approval of Namibia's first ever World Bank
financed energy project, aimed at improving the reliability of the country's
transmission network and enabling increased integration of renewable energy
into the country's electricity system. The $138.5 million will be
implemented by the national electricity utility, NamPower.

 

"Namibia is a uniquely positioned regional leader in the transition towards
Transmission Expansion and Energy Storage Project a greener and more
sustainable future. The World Bank is delighted to support Namibia's
commitment to expand domestic energy generation with renewable solutions,
consistent with the country's Second Harambee Prosperity Plan (HPPII). This
project will support NamPower to develop future renewable energy projects,"
says Satu Kahkonen, World Bank Country Director for Namibia.

 

 

The project is structured around three components: (i) development of the
second Auas-Kokerboom transmission line, (ii) development of a utility scale
Battery Energy Storage System facility; and (iii) technical assistance
activities to support NamPower develop bankable renewable energy projects
and enhance the socio-economic benefits of their projects. The project will
support the development of a systematic socio-economic framework to support
job creation, skills development and female employment during design and
implementation of utility led projects.

 

"NamPower welcomes the financing approval of the project, as this is one of
the major strategic and crucial investments towards Namibia's electricity
transmission network. NamPower will be able to maintain pace with evolving
and increasing electricity needs of the country. The line will be key to
unlocking increased access to variable renewable energy (VRE) within
Namibia, as well as facilitate regional electricity trading. In addition,
our second utility scale battery energy storage system will be developed and
integrated in our transmission network to support the development and uptake
of renewable energy plants," says Kahenge S Haulofu, NamPower Managing
Director.

 

Namibia has excellent renewable energy resources, however, installed
renewable capacity in the country is just over 30% of total generation. This
project's investments to strengthen the power grid are critical to enabling
the integration of more variable renewable energy sources in the system. The
project aims to minimize outage risks, support load growth, and unlock
future opportunities for power trade in the Southern African Power Pool. The
grant funding from the IBRD Fund for Innovative Global Public Goods
Solutions and the Green Climate Fund will be used for developing the second
utility-scale battery storage facility in Namibia. This will further
facilitate integration of large-scale renewable energy in Namibia's
generation mix, enabling it to reduce imports, improve grid stability, and
help manage its demand peaks.

 

World Bank.

 

 

 

 

Rwanda: Why Rwanda Is Attracting Increased Investments

For e-mobility company BasiGo, Rwanda is an ideal place for its investment.
The firm has a commitment to delivering 200 electric buses to Rwanda by
2025, with an outlay of $40 million, company executives say.

 

The development is towards having cleaner and greener streets in the country
as the company intends to contribute to the creation of a sustainable, and
inclusive public transport ecosystem in Rwanda, the firm indicated.

 

On July 27, 2023, Rwanda Development Board (RDB) announced the move by
BasiGo to make Rwanda its second entry into the African market, after Kenya,
with a pilot of four e-buses operating in the country.

 

 

"Following the success of its pilot, BasiGo will invest $20 million to
deploy an initial 100 electric buses in Rwanda, and another $20 million
subsequent to that for another 100 e-buses," BasiGo Rwanda Managing
Director, Doreen Orishaba, told The New Times.

 

BasiGo's project is one of the investments that Rwanda attracted in 2023,
according to a 2023 annual report by Rwanda Development Board (RDB).

 

ALSO READ: India, UAE top Rwanda's list of foreign investment in 2023

 

The report, which was published on April 24, showed that Rwanda registered
513 projects worth $2.47 billion (approximately Rwf3.1 trillion) in
investments in 2023, which represent a 50 per cent increase compared to $1.6
billion recorded in 2022.

 

Such investments are, among other outcomes, expected to create more than
40,000 jobs in the next five years, RDB indicated.

 

"Rwanda is ideal for BasiGo's e-mobility investment because our business
targets align with the country's clear commitment to sustainability and
reducing climate emissions," Orishaba noted.

 

The Government of Rwanda, she pointed out, made a Nationally Determined
Contribution commitment[under Paris Agreement to address negative effects of
climate change] to reduce greenhouse gas emissions by 38 per cent by 2030.

 

In 2021, it enacted what Orishaba described as one of the most favourable
e-mobility policies in sub-Saharan Africa.

 

"Under this policy, our electric buses can receive benefits including duty
and tax exemption, large industrial electricity tariff for e-mobility
charging and potential access to public land for the setup of charging
infrastructure. This is providing a great environment for the introduction
and scale of our e-buses," observed said.

 

ALSO READ: Rwanda unveils new incentives to drive electric vehicle uptake

 

 

Orishaba argued that BasiGo's investment in Rwanda will contribute to
improved balance of trade and reducing the nation's reliance on high-cost of
diesel imports, indicating that "200 electric buses will replace 42 million
litres of imported diesel with 170 gigawatt per hour of off-peak,
domestically generated electricity."

 

Investment growth metrics

 

According to RDB, the real estate sector, manufacturing, and arts
entertainment, and recreation attracted the most investments with each
bringing in $350 million, $300 million, $270 million, respectively.

 

Accommodation and food service activities brought in more than $223.6
million to the country, while construction, agriculture, forestry and
fishing, agro-processing attracted investments worth $208.6 million, $206
million, and $137 million, respectively.

 

On the other hand, investors committed to invest $128.4 million in financial
and insurance activities, and $103.8 million in electricity, gas, steam and
air conditioning supply services.

 

RDB attributes the growth to initiatives such as the the Manufacture and
Build to Recover Program (MBRP) which provides special incentives for
companies investing in the manufacturing, agro-processing and construction
(real estate).

 

The sectors that the programme targets are some of the sectors that
attracted the most investments last year.

 

MBRP was approved by the government in 2021 with the aim to reduce the cost
of establishing industries,support existing firms looking to expand, and
encourage investments in the targeted areas to contribute to the country's
effort to recover from the Covid-19 impact.

 

As of December 31, 2023, 136 projects worth more than $2.3 billion in
investments had been approved for MBRP incentives, the report indicated.
However, RDB CEO Francis Gatare has told The New Times that the programme is
phasing out.

 

India, UAE lead

 

India and United Arab Emirates (UAE) topped the list of destinations from
where investors investing in Rwanda originate, thanks to key promotional
activities such as the Dubai Expo 2020.

 

"It [Dubai Expo 2020] was an excellent platform to attract potential
investors," RDB said in a statement, adding that the Rwanda-Dubai trade
mission organised on December 4, 2023, and the Rwanda-Dubai business forum
that took place in 2022 contributed to enticing investors from Dubai.

 

At the same time, India-Rwanda business forum that took place in 2023, the
investment roadshow organised in India in June 2023, and MBRP programme
campaign organised in the country are other factors that attracted more
Indian investors into Rwanda.

 

RDB attributes air connections by RwandAir to India and UAE as other
contributing factors, saying it made it easier to conduct business with the
two countries.

 

-New Times.

 

 

 

Nigeria: Pipelines Survelance Contract - Leave Olu of Warri Alone - Okotie
Eboh

Niger Deltans have been charged to leave the Olu of Warri, His Majesty,
Ogiame Atuwatse III (CFR) out of the unwarranted controversy generated
through the baseless and unsubstantiated allegations by a faceless and
disgruntled group - Niger Delta State Stakeholders Forum, NDSF, against the
revered royal father.

 

The appeal was made in Warri, Weekend by Prince Emma Okotie- Eboh a scion of
Nigeria first finance Minister, Chief Festus Okotie-Eboh.

 

Okotie -Eboh, ex-regent of Warri kingdom, business man and opinion leader in
Warri Kingdom stated in a statement that "greed, lost of economic power,
dwindling political /social influence coupled with stomach infrastructural
exigencies" underlies the macabre dance of shame by the authors of
allegations and misinformation dished out by the NDSF to the gullible public
even as he charged all well meaning individuals to disregard the publication
in its entirety.

 

 

Okotie -Eboh noted that the royal father did not ascend the throne of Warri
kingdom as a poor man, saying those angling to drag his name into disrepute
are pained that they can not manipulate or influence him unduly with their
ill -gotten wealth and persist in riding roughshod on the entire itsekiri
nation as they did with the immediate past monarch of blessed memory.

 

According to him, the king has chains of businesses he presides over amongst
which is Pipeline Infrastructures Nigeria limited (PINL) that is not even in
charge of the Trans-Forcados-Escravos Pipelines security project in Delta
State.

 

Ogiame Atuwatse III CFR is not in competition with High Chief Government
Ekpemukpolo alias Tompolo in any pipeline security job. Every contractor has
its sphere of operations and they have a cordial relationship.

 

Morever NDSF do not award contract on behalf of the Federal Government or
NNPC and are therefore not in any position to determine a performing or non
performing contractor, wondering how the termination of a contract in which
the Olu of Warri is one of the director translate into their selfish
benefit? So how come they are so pained to allege that the monarch is
pocketing billions of Naira every month for doing nothing. He further
pointed out that PINL doesn't even control 80% of the entire surveillance
job in the Niger Delta as alleged calling it a gross and dubious mis
presentation of fact.

 

According to Okotie-Eboh while PINL is handling Rivers, Imo and parts of
Bayelsa states, Tantita is handling Delta, Ondo and parts of Bayelsa states
respectively and there are no area of conflict in job execution between the
various contractors. So why is the faceless NDSF trying to ignite
unnecessary chaos and create bad blood in a venture that does not concern
them?

 

 

The statement condemned the Itsekiri group for falsely disparaging the royal
father in the social media for their self grandisement, busy -body and
unbridled and wicked jealousy of the royal father.

 

Okotie-Eboh commended the Ijaw youths Council world-wide, IYC, for scoring
the olu of Warri high on execution of pipeline surveillance contract and for
contributing massively towards curbing the menace of pipeline vandalism in
the Niger Delta.

 

The IYC through their President, Dr Alaye Theophilus had on behalf of the
Ijaw Nation in a statement debunked the NDSF statement that PINL was not
doing well in the ijaw areas noting that "PINL over the years have shown
diligence and professionalism in the conduct of it's job in the region and
saying that the Olu of Warri is a true son of the Niger Delta".

 

The IYC president who stated the Olu of Warri is a well respected monarch in
Nigeria charged persons still aggrieved with the emergence of the monarch
not to cast aspersions on him but to have a re -think of their misguided
actions.

 

Prince Okotie Eboh who said most royal fathers throughout the globe are into
various businesses including King Charles of the United Kingdom told all
those against the Olu of Warri for being a business guru to thank God that
they have such a versatile, vibrant, young and intelligent Prince as their
royal father that all should be proud of even as he has so many itsekiri in
his companies too and is not defaulting in payment of his employees or
sub-contractors.

 

The scion of the first finance Minister in Nigeria stated his persist calls
on all those vultures who sat as a demi-god over the Commonwealth of the
Itsekiri nation for many years to retrace their steps, seek forgiveness and
fall back into line for their own good and that of their followers and
generations yet unborn.

 

Prince Emma in the statement also express concern over the barefaced lies by
NDSF against the Olu of Warri and rudely but unashamedly calling on
President Bola Tinubu to to look into the activities of PINL saying "Our
president is knowledgeable and wise enough to read between the lines of the
unpatriotic antics of the NDSF and their shenanigans".

 

He noted that those in the opposition of the Olu of Warri are a minute in
few in the Itsekiri nation seeking for relevance but are fast fading into
oblivion with their belligerents and sacrilegious actions.

 

It's the height of their demented imagination for a group of misguided
youths to think they can run the Itsekiri nation aground, an action that
amount to day-dreaming.

 

They better wake up from their deep slumber. A time will come shortly when
Itsekiri youths in their numbers will start attacking these miscreants
anywhere they are founds in the kingdom.

 

"those that the gods will punish, they first make mad", Okotie -Eboh, the
former Chairman of Chief Great Oboru Campaign Council in the last
Governorship election under APGA in Delta state posited.

 

The PINL are doing very creditably well in their area of operations as
attested to by the Ijaws working with the company and even commended His
Majesty Ogiame Atuwatse 111CFR. That alone has exposed members of the NDSF
as being fraudulent in all their claims that is tainted with deep seated
hatred, jealousy, envy and bad belle.

 

-Vanguard.

 

 

 

 

Rwanda Names 'Sweet Spots' for National Digital Currency

The National Bank of Rwanda (BNR) says it has completed an initial
feasibility study that is expected to serve as a basis for deploying its
Central Bank Digital Currency (CBDC), a move that has seen the regulator
also open up a public consultation process.

 

The development aims at, among others, creating an additional option to use
money and it is not very different from the currently-issued banknotes, only
that the digital currency is expected to be transacted digitally and
facilitate ease of use.

 

ALSO READ: Rwanda's leap into central bank digital currency

 

With an increasing number of Africans turning to cryptocurrencies in place
of local currencies to preserve their purchasing power and make cross-border
payments, many central banks including Rwanda's have laid out plans to issue
their own digital currencies.

 

 

The plans are at various stages of crypto regulation and issuance of CBDCs.
It is debatable whether CBDCs will be able to replicate the utility of
cryptocurrencies on the African market.

 

Ordinarily, crypto investors resort to cryptocurrencies owing to hard
currency scarcity, galloping inflation, and high costs of making
cross-border payments.

 

The context

 

Monetary authorities around the world are seeking more guidance on how best
to pursue digital forms of central bank money, according to the
International Monetary Fund (IMF) 2023 report.

 

In Rwanda, the study initiated in 2022, examined the potential benefits,
risks, and practicalities of implementing a retail CBDC on the local market.

 

The analysis covered economic, functional, legal, and financial aspects,
identifying key challenges in Rwanda's financial Sector and payment systems.

 

"Based on the assessment of the current payments landscape in Rwanda, the
study has identified fifteen CBDC opportunities," the report reads in part.

 

Among them, however, there are four "Sweet Spots," which are considered to
be CBDC opportunities with high potential benefits and limited alternative
choices to obtain similar advantages.

 

"They include; Increase resilience against possible network outages, power
failures and natural disasters, improve innovation and competition, as well
as contribute to achieving the cashless economy."

The proposed design

 

According to the study, the design of CBDC should take the occurrences of
power outages into consideration, and plan for failover systems that can
ensure continuity of service.

 

The extent to which power outages affect CBDC systems would depend on the
specific design and implementation of the system, BNR says in the latest
report.

 

One of the possible features of a CBDC solution that the report points out
is the capability to conduct secure consecutive offline payments in which
both the payer and payee are offline, with no mobile network, no internet
connection and - to a limited extent - even without power supply.

 

This is enabled by the possible design of CBDC as a bearer instrument
(tokens), allowing for the immediate transfer of value without the need to
process the transaction through clearing and settlement systems.

 

James Ndekezi, a crypto enthusiast based in Kigali echoed similar
sentiments, citing that, to achieve its financial inclusion objective, a
CBDC must operate as seamlessly as possible in areas with limited or no
internet infrastructure as it would in more ideal digital circumstances.

 

"A CBDC would preserve the co-existence of sovereign and private money in a
digital world. This is not an abstract benefit -- it is the basis for
financial and monetary stability, ensuring competition and efficiency in
payment markets," he told The New Times in an interview.

 

But a CBDC, Ndekezi argues, could generate even more benefits for users by,
for instance, improving the confidentiality of digital payments.

 

ALSO READ: Digital currency development process underway - central bank
governor

 

The digital currency has made people constantly worry about cybersecurity
and facing many threats due to less secure methods to store this form of
money. Cyberattacks are probably increasing and can also threaten digital
currency users with virtual theft.

 

However, according to the study, "a CBDC is a legal tender issued by a
central bank in a digital form. It is the same as a fiat currency and is
exchangeable one-to-one with the fiat currency. Only that its form is
different."

 

But a CBDC can't be exactly compared to cryptocurrencies. Unlike
cryptocurrencies, a CBDC isn't a commodity or claims on commodities or
digital assets. Cryptocurrencies have no issuer.

 

For Norbert Haguma, the CBDC is the digital avatar of paper currency issued
by central banks like BNR and should be exchangeable with cash.

 

The CBDC, he explained, will be a legal tender, which means you can use it
to buy what you want.

 

ALSO READ: Rwanda researching on digital currency

 

The bigger picture

 

With the recent popularity of a cashless or digital financial framework,
governments and central banks are exploring (some of them have also
implemented) the possibilities of digital currency.

 

With blockchain technology, the CBDCs are expected to increase efficiency
and transparency.

 

In countries where the CBDC has been launched, the payment system is
available to wholesale and retail customers 24/7.

 

Rwandan buyers could soon pay without a middleman and at a lower transaction
cost. Individuals are also not required to open a bank account to transact
with CBDCs.

 

-New Times.

 

 

 

Nigeria: Senior Civil Servants to Govt - Expose Cabals Behind Fuel Scarcity

The Association of Senior Civil Servants of Nigeria, ASCSN, has urged the
Federal Government to unearth alleged cabals behind the unending fuel
scarcity across the country.

 

President of ASCSN, Dr. Tommy Okon, who spoke yesterday during the
Association's National Executive Council, NEC, meeting in Lagos, lamented
the perennial fuel scarcity and long queues at filling stations are holding
the economy down and compounding the suffering, hardship, and difficulties
confronting Nigerians, especially workers.

 

Dr. Okon maintained that the one-week ultimatum given on May Day by the
Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC,
counterpart on the reversal of the recent hike in electricity tariff still
persists, saying labour is very serious about the ultimatum.

 

 

According to Dr Okon who is a Deputy President of TUC, "Organised Labour is
very disturbed because of government's assurances that the Port Harcourt
Refinery would begin operations in April and also when Dangote Refinery
begins operation, all the challenges on landing cost of petrol to marketers
would stop and the issue of subsidy would be a thing of the past, have not
materialized. This is May, why are we still going back and forth? This is a
policy somersault and this is bad The government or the Nigerian National
Petroleum Corporation Limited, NNPCL, should come out clean and tell us the
truth. Are they still paying subsidies? Let it come out from their
(government) mouth and let us know rather than speculating.

 

"If organised labour had protested and stood against the removal of fuel
subsidy, they would have said labour has caused the fuel scarcity, otherwise
there would not have been long queues at filling stations. Now the
government said it is a logistics problem and the marketers are talking of
huge dollars debt unpaid to them. Who is fooling who? President Bola Tinubu
assured us that when fuel subsidy is removed, there will be an interplay of
market forces but now we are even returning to square one. We call on the
government to unearth the cabals behind the unending fuel scarcity."

 

 

On the proposed N615,000 national minimum wage by labour, the ASCSN's
President insisted that it is a realistic demand, challenging those opposing
Labour's demand to make public their proposals, saying "We have set the
template, we have done the variables, and we have presented our demand. That
is our position. There are exemptions and when the time comes we will see.
What we want is for the government to do the needful and remember that by
the time we came up with the figure, there was no hike in electricity
tariff."

 

-Vanguard.

 

 

 

 

Boeing crewed space launch postponed for safety check

Boeing's first crewed space flight was postponed just two hours before
launch for a safety check, Nasa officials say.

 

Astronauts Butch Wilmore and Suni Williams were already in position inside
the Starliner when the decision to halt was made because of a potential
issue with an oxygen relief valve.

 

The spacecraft had been expected to blast off from Cape Canaveral in Florida
and make its way to the International Space Station (ISS).

 

The soonest a new launch attempt may be made is on Friday, Boeing said in a
post on social media.

 

The mission has already been delayed for several years because of setbacks
in the spacecraft's development.

 

"Standing down on tonight's attempt to launch," tweeted Nasa chief Bill
Nelson. "As I've said before, @NASA's first priority is safety. We go when
we're ready."

 

Boeing is hoping to become the second private firm able to provide crew
transport to and from the ISS, alongside Elon Musk's SpaceX.

 

Mr Musk's company was the first to achieve this in 2020 with its Dragon
capsule, in a flight that ended close to a decade of US reliance on Russian
space rockets.

 

The Starliner's first uncrewed test flight was originally scheduled to take
place in 2015 but ended up being delayed until 2019. When it did occur,
software glitches led to an internal clock malfunction, resulting in
thrusters over-firing. So much fuel was consumed that the capsule was unable
to reach the ISS.

 

A second attempt was planned in August 2021 but delayed again until May
2022. An issue with the propulsion system was blamed. When Starliner finally
did leave Earth, it managed to complete its full mission but concerns were
raised about the performance of some thrusters and the craft's cooling
system.-BBC

 

 

 

 

Boeing in new inquiry over 787 inspection doubts

The US has opened a new inquiry into troubled jet firm Boeing, after the
company told air safety regulators that it might not have properly inspected
its 787 Dreamliner planes.

 

The Federal Aviation Administration (FAA) said it would look into whether
staff had falsified records.

 

It said Boeing was re-inspecting all 787 jets on the manufacturing line.

 

Boeing will be forced to develop an "action plan" to address concerns about
planes already in service, it added.

 

Boeing did not comment.

 

Internally, the company told staff last week that the "misconduct" had not
created an "immediate safety of flight issue", according to a message seen
by BBC News.

 

"We quickly reviewed the matter and learned that several people had been
violating company policies by not performing a required test, but recording
the work as having been completed," Scott Stocker, head of the Boeing 787
program, said in the email to staff.

 

The FAA said that Boeing had come forward "voluntarily" last month to warn
that it "may not have completed" inspections required to confirm adequate
electrical safeguards where the wings join the main body of certain of its
787 Dreamliners, a large jet often used on international flights.

 

"The FAA is investigating whether Boeing completed the inspections and
whether company employees may have falsified aircraft records," it said.

 

"As the investigation continues, the FAA will take any necessary action - as
always - to ensure the safety of the flying public."

 

It is the latest problem to erupt at Boeing in recent years. In January, an
unused emergency exit door blew off a new 737 Max 9 plane shortly after
take-off, thrusting its manufacturing and safety processes into the
spotlight.

 

The incident prompted the temporary grounding of dozens of planes and has
forced the firm to drastically slow production, while sparking increased
regulatory oversight, criminal investigation and other legal and financial
troubles.

 

In March, chief executive Dave Calhoun said he would be stepping down by the
end of the year, becoming the most high-profile person to exit the company
in the wake of the incident.

 

Boeing's reputation had been damaged a few years ago, when two of its 737
Max planes crashed within five months of each other, claiming the lives of
346 passengers and crew. A 737 Max flown by Ethiopian Airlines aircraft
crashed shortly after take-off in March, 2019, following a Lion Air crash in
October 2018. That led to the then chief executive Dennis Muilenburg being
fired.

 

Last month, Congress hosted a hearing featuring whistleblowers, including
Sam Salehpour who testified that his concerns about the 787 had been
dismissed.

 

Boeing has said it is working to reform its corporate culture to encourage
people who see problems to speak out, with a "more than 500% increase" in
reports from employees since January.-BBC

 

 

 

How quantum physics could 'revolutionise everything'

Growing up on a farm in Australia, Liam Hall was a mechanic "getting greasy,
scraped knuckles", but in recent years his career has taken a more technical
turn.

 

He's now the head of quantum biotechnology at CSIRO, Australia's national
science agency.

 

"I've got a bit of a weird background. I always wanted to be a diesel
mechanic. Doing that for a while led to wanting to do engineering at
university. That introduced me to the physics, and then to the quantum
physics. A rollercoaster ride is a good way to describe it," he says.

 

His team has been developing diagnostic technologies, experimenting with
micro sensors crafted from tiny slivers of diamonds about 50 nanometers in
size (about 1,000 times finer than human hair) to test patients' iron
levels.

 

Current methods monitor a protein known as ferritin, the body's iron storage
mechanism. While monitoring ferritin is a good way to measure iron, it would
be more accurate to measure the actual iron levels inside the protein.

 

One way to do that would be to measure the tiny magnetic fields generated by
the iron. But there's one big problem with that approach.

 

"[The magnetic field] is completely tiny and outside the measurement of any
traditional magnetometers or microscopes," explains Dr Hall.

 

However, Dr Hall's nano-scale quantum sensors can detect those tiny fields
and measure them.

 

He says in the future, the technology could develop an early flag for any
particular disease, including the surveillance of certain hormones or
proteins that might indicate cancer.

 

"The advantage for quantum systems has always been that you can achieve
much, much better sensitivity and easier identification of chemicals at a
much lower cost," Dr Hall says.

 

University of Chicago David Awschalom (wearing blue shirt) is the Liew
Family Professor of Molecular Engineering and Physics at the University of
Chicago's Pritzker School of Molecular EngineeringUniversity of Chicago

Researchers across the world are working on quantum technologies

Dr Hall is part of a global push to develop quantum technologies. Britain,
China, the US and countries elsewhere, are all trying to exploit the weird
properties of quantum mechanics.

 

"Quantum is one of Australia's most promising growth opportunities - a
chance to create new markets, new applications," said CSIRO's chief
scientist, Prof Bronwyn Fox.

 

Quantum mechanics emerged in the early 20th Century from studies of nature's
smallest objects. Scientists believe it has the potential to expand our
understanding of the universe and solve complex problems at lightning
speeds.

 

The range of applications appears vast; from advances in environmental
science and decarbonisation, to cyber-security and new medicines. There
could be molecules that "eat up carbon" and remove it from the atmosphere,
quantum batteries to power cars, aircraft that are designed to lower their
emissions and transport logistics to reduce road congestion.

 

One ambition of quantum research is to harness the power of sub-atomic
particles to store and process data.

 

While conventional computing generally uses bits (zeroes and ones), quantum
computers use qubits, which can exist as zeroes, ones, or combinations of
both at once.

 

This is where things can get a bit strange, where particles can exist in
multiple states simultaneously (this is called superposition), and also be
intertwined (or entangled) with each other.

 

"Using that principle of quantum superposition together with another quantum
phenomenon known as entanglement, it enables you to perform calculations
that are simply impossible using conventional computers. It opens up the
possibility of doing some quite amazing calculations that can be world
changing," explains Prof Andrew Dzurak from the University of New South
Wales.

 

"Imagine a new branch of Covid or another horrible pandemic. Once you
understand the molecular structure of that, which can be done using standard
experimental techniques, you then go to the quantum computer and you
calculate how to make a molecule that specifically attacks that virus.

 

"You solve that problem in a day rather than in the six or nine months that
it took all of the greatest biological and pharmaceutical minds on the
planet to come up with the vaccines for Covid."

 

The power driving quantum computing comes from entanglement, a natural
phenomena, according to Dr Mohammed Usman, a team leader at Data 61, a
business within CSIRO.

 

It's complex and not easy to grasp. Special particles, often photons, or
flecks of light, can be in two places at the same time, but remain strongly
connected even though they are not physically linked.

 

"I would say that nobody in the world fully understands the basics of
entanglement," is Dr Usman's honest assessment.

 

Could there be a quantum internet? Quite possibly. Data might be despatched
through optical fibres using particles of light making it almost impossible
to be eavesdropped or hacked.

 

University of Chicago David Awschalom is the Liew Family Professor of
Molecular Engineering and Physics at the University of Chicago's Pritzker
School of Molecular EngineeringUniversity of Chicago

Prof David Awschalom has built a 200km quantum network at Chicago's Pritzker
School of Molecular Engineering

In the US, the University of Chicago has built one of the country's longest
quantum networks. It is almost 200km (124 miles) long and growing.

 

David Awschalom is the Liew Family Professor of Molecular Engineering and
Physics at the University of Chicago's Pritzker School of Molecular
Engineering. He's also the founding director of the university's Bloch
Quantum Tech Hub, which expects to create 30,000 quantum jobs by 2035 and
generate $60bn for the economy. It's a collaboration with experts in
Australia, India, Japan, the Netherlands and Israel.

 

"We've extended how far we can send secure quantum messages through many
miles of underground fiber," he explains.

 

"But there are significant challenges to overcome. With quantum computing,
for instance, we are working on maintaining quantum coherence, which means
keeping a quantum system intact; error correction, which means detecting and
correcting errors caused by decoherence; and scalability, which means being
able to increase the number of qubits in a quantum system to solve more
complex problems."

 

Getty Images Quantum Computing Lab at the Google Quantum AI campus in
Goleta, CaliforniaGetty Images

Quantum computers promise to solve problems that traditional computer are
not suited to

Years of painstaking research lie ahead, but the future appears to hurtling
quickly towards us.

 

"Quantum artificial intelligence is one of the key areas of research in our
team. Machine learning and artificial intelligence is very computationally
intensive and quantum computing promises computational power," explains Dr
Usman from CSIRO.

 

"For example, self-driving cars or drones flying in battlefields with lethal
weapons. Can we trust artificial intelligence? So, what we have found is
that integrating quantum computing in artificial intelligence leads to very
reliable and trustworthy systems," he said.

 

"My dream come true would be that large-scale quantum computers are
available and we can run quantum algorithms that I am developing to find
solutions to the problems that we haven't found yet, and that will
revolutionise everything."-BBC

 

 

 

Qantas agrees payouts over 'ghost flights'

Australia's biggest airline Qantas has agreed to pay a A$100m ($66.1m,
£52.7m) penalty to settle a legal case accusing it of selling thousands of
tickets for flights it had already cancelled.

 

Under the deal with the Australian Competition and Consumer Commission
(ACCC), the firm will also launch a plan worth up to A$20m to compensate
affected passengers.

 

Qantas' Chief Executive, Vanessa Hudson, said the move represented an
important step toward "restoring confidence in the national carrier."

 

The so-called "ghost flight" case, which was launched by the ACCC in August,
claimed that in some instances Qantas had sold tickets for flights that had
been cancelled for weeks.

 

The penalty agreement between Qantas and the ACCC will now have to be
approved by the Federal Court of Australia.

 

Under the plan, customers who bought tickets for flights that had already
been cancelled for two or more days will be entitled to compensation.

 

According to the airline, they will receive A$225 for domestic flights and
A$450 for international tickets.

 

"When flying resumed after the Covid shutdown, we recognise Qantas let down
customers" said Ms Hudson, who said she had made it a priority to restore
the airline's reputation when she was appointed to the job last year.

 

She also said the company had revamped its processes and invested in
technology to avoid a repeat of the problem.

 

"We are pleased to have secured these admissions by Qantas that it misled
its customers, and its agreement that a very significant penalty is
required", ACCC Chair Gina Cass-Gottlieb said.

 

Qantas was facing a series of scandals and legal cases when Ms Hudson became
the first woman to lead the airline.

 

Her predecessor, Alan Joyce, led the company through the 2008 financial
crisis, the pandemic and record fuel prices.

 

However, by the time Mr Joyce stepped down in 2023, Qantas was facing
growing public anger over expensive airfares, mass delays and cancellations,
and its treatment of workers.-BBC

 

 

 

 

Heineken to reopen more than 60 closed pubs

Brewing giant Heineken will reopen 62 pubs that were closed in recent years
and invest £39m in refurbishing hundreds of sites across the UK.

 

The company said the cash injection into its Star Pubs & Bars chain will
create more than 1,000 new jobs.

 

The UK pubs industry has been hard hit by closures both during the Covid
pandemic and afterwards as cost of living pressures weighed on consumer
spending.

 

Between 2021 and 2023, pubs have shut at a rate of 500 a year, according to
the British Beer and Pub Association (BBPA).

 

Star Pubs & Bars currently operates 2,400 pubs. In 2019, it had 2,700 pubs
across the UK.

 

A spokesperson for Star Pubs & Bars said: "It would be unrealistic for any
major leased and tenanted pub company to have all its pubs open at any one
time."

 

They said the number fluctuates on a range of factors, but added: "Around
95% of ours pubs are open at any one time."

 

Star plans to renovate more than 600 pubs, choosing locations it said
reflect how many of its customers have cut back on how often they commute
into city centres.

 

Heineken said: "With working from home more commonplace and people looking
to save on travel, major refurbishments will concentrate on transforming
tired pubs in suburban areas into premium locals."

 

The company said that by the end of this year, the UK operation will have
reopened 156 pubs since the start of 2023, "reducing the number of closed
pubs in its estate to pre-pandemic levels".

 

During Covid, pubs were forced to close to prevent the spread of the virus.
When they were allowed to reopen, they faced a number of restrictions
including mandatory table service, limits on the size of groups and a 22:00
curfew.

 

In early 2021, Heineken announced it would cut 8,000 jobs globally. The
following year it warned inflation - which measures the pace of price rises
- was "off the charts", in particular on commodities such as barley and
aluminium.

 

This was before Russia's invasion of Ukraine in late February 2022 which
lifted the cost of energy, fuel and grains.

 

The average price of a pint of draught lager reached £4.71 in March,
according to the Office for National Statistics, compared to £3.76 in
February 2020 before widespread pandemic lockdowns the following month.

 

Meanwhile, the number of pubs in the UK has fallen from 47,200 in 2019,
before Covid, to 45,350 in 2023, data from the BBPA shows. However, pub
numbers have been declining for some time. A decade ago there were 52,500 in
operation which is 7,150 more than 2023.

 

Some of the pubs that Heineken is re-opening have been shut for more than
four years, others have been closed for 12 months.

 

The Ship in Worsbrough, Barnsley closed its doors four-and-a-half years ago
and lay dormant until it was refurbished at a cost of £370,000 and reopened
in February 2024.

 

The Ashford Arms in Derbyshire, which Star Pubs described as "a Covid
casualty", was shut in March 2020 but reopened after joint £1.6m
refurbishment by the company and Longbow Venues, an independent hospitality
business in the Peak District.

 

Star Pubs & Bars  The Ashford Arms in Derbyshire Star Pubs & Bars

"Covid casualty" Ashford Arms had been shuttered for more than four years

The Coach & Horses in Carlisle was shuttered for a year and, according to
Star Pubs, "had a poor reputation and few customers".

 

“People avoided the pub for years," according to its licensee Susan Graham.
It has since been revamped at a cost of £300,000. "[Customers'] chins hit
the floor when they saw the change," she said.

 

Heineken hopes the revamp of its pubs will tempt drinkers and diners back,
including using "subtle zoning" to allow customers to enjoy different
activities like watching sports and dining "without disturbing each other".

 

It said it will use dividing screens and distinct changes to lighting, sound
systems and furniture styles to "help delineate the zones".

 

The announcement by Heineken is the latest indication that the British pub
industry is seeing signs of growth after major blows from the pandemic and
the cost of living crisis.

 

Last week, major pub chain Greene King said it would open its new £40m
brewery by 2027.

 

Greene King, known for brands such as Abbot Ale, Greene King IPA and Old
Speckled Hen, said the move represented a "long-term commitment to British
brewing".

 

The 225-year-old company, which was sold to Hong Kong operator CKA in 2019,
owns about 2,700 pubs, restaurants and hotels in the UK.

 

Spain’s Damm recently announced it will invest £50m in a new brewery in
Bedford. It bought the site in 2022 from Carlsberg Marston’s Brewing
Company.

 

Emma McClarkin, chief executive of the BBPA, said the plans are "a
demonstration of the confidence to invest in Britain’s beer and pub sector
which will help generate much-needed growth in local economies across the
UK".

 

She added: "This could be turbo-charged with a longer-term and more
supportive fiscal and regulatory framework that this and the next government
needs to put in place to unlock further growth and investment
opportunities.”

 

In the Budget in March, Chancellor Jeremy Hunt announced that a freeze on
alcohol duty would continue until February 2025. It had been set to end in
August.

 

He also extended a 75% discount to business rates for retail, hospitality
and leisure firms until 2025. It is worth up to £110,000 per business.

 

Some of the sites that Star Pubs & Bars, owned by Heineken, is reopening
this year include:

 

The Black Bull in Ecclesfield, Sheffield

The Hesketh Tavern in Cheadle Hulme, Stockport

The Junction in Wombwell, South Yorkshire

The Manvers Arms in Radcliffe on Trent, Nottinghamshire

The Punch Bowl in West Hallam, Derbyshire

The Rose of Denmark in Bristol

Roxy’s Steak & Tap in Twickenham

The Talbot in Cheslyn Hay, Staffordshire

The Wildmoor Oak near Bromsgrove

The Winterton Arms in Chiddingfold, Surrey-BBC

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


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