Major International Business Headlines Brief::: 17 May 2024

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Major International Business Headlines Brief:::  17 May 2024 

 


 


 

	
 


 

 


 

ü  Nigeria: CBN Can Collect Customers' Social Media Handles, Court Rules

ü  Nigeria: Senate Steps Down Electricity Tariff Hike Report Over Court
Order

ü  Nigeria: Emirates Resumes Flight to Nigeria October 1

ü  Uganda to Import Fuel Directly, Cutting Reliance On Kenyan Marketers

ü  Rwanda: Time Is Ripe for Africa's Economic Independence - Experts

ü  Kenya: Employment Court Orders Counties to Engage Striking Clinicians

ü  Nigeria: Emirates Announces Flight Resumption in Nigeria

ü  Kenya: Heavy Taxation Not a Solution to Kenya's Debt Problem - Tax
Experts

ü  Tanzania: Canada Injects 38 Billion to Support 'Smart Agriculture' in
Tanzania

ü  Kenya: Safaricom Restores Internet Services After Undersea Fibre Cut

ü  Reddit shares jump after OpenAI ChatGPT deal

ü  Business locked in expensive AI 'arms race'

ü  US woman accused of stealing identities to give North Koreans jobs

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: CBN Can Collect Customers' Social
Media Handles, Court Rules

Justice Nnamdi Dimgba of the Federal High Court in Lagos has held that the
Central Bank of Nigeria (CBN) is constitutionally empowered to demand and
collect the social media handles of their customers as part of the standard
Know-Your-Customer procedure, saying it is not a breach of the right to
privacy.

 

Justice Dimgba made the declaration while ruling on a suit filed by a
Lagos-based lawyer, Chris Eke, seeking an order stopping the apex bank from
demanding bank customers' social media handles.

 

Eke had prayed the court to declare that the regulation as contained in
Section 6(a)(iv) of the Central Bank of Nigeria (Customer Due Diligence)
Regulations, 2023, is undemocratic, unconstitutional, null and void to the
extent of its inconsistency with Section 37 of the 1999 Constitution of the
Federal Republic of Nigeria (as amended).

 

 

The lawyer had also prayed the court to grant an order of perpetual
injunction restraining CBN from enforcing the regulation, which requires
financial institutions to request customers' social media handles as part of
average bank customer due diligence requirements.

 

But the CBN, in its response to the suit, filed a notice of preliminary
objection, challenging the competence of the suit and also argued that the
said regulation did not interfere with the applicant's private life, as
claimed.

 

In his judgment, Justice Dimgba held that CBN's preliminary objection had
merit, and he subsequently struck out the suit.

 

The judge further held that a social media handle is the same as providing
email addresses, phone numbers and other means by which potential customers
can be contacted.

 

 

He maintained that it is part of due diligence to determine if the person is
a fit and proper person for the bank to do business with, and as such, this
regulation does not infringe on the right to privacy.

 

The judge also held that the essence of having a social media account was to
be publicly visible communication-wise; it would be highly unreasonable to
hold the CBN in breach of privacy.

 

The court held, "First, the Applicant claims that the requirements on the
CBN Regulations for financial institutions to request and collect the social
media handle of its customers as part of KYC infringes on his right to
privacy.

 

"This claim is very ambitious and amounts to a very far throw. The said
Regulations are directed to and apply to financial institutions. It does not
apply to private individuals such as the Applicant.

 

"Even if, as appears to be argued, that the Regulations itself would
inevitably affect the Applicant, this claim is speculative for the simple
reason that in nowhere in the affidavit in support was it stated that the
Applicant operates an account with a financial institution and that the said
institution had demanded his social media handle. So the suggestion that he
would be affected by this Regulation, albeit negatively, is very speculative
and at large.

 

 

"Second, there is also no deposition that any financial institution had
begun to implement this Regulation and that its implementation had begun to
create disruptions and inconvenience against the general population, in
which case one could infer that the suit should be legitimated as a public
interest litigation.

 

"Third, assuming even that the banks had begun to implement this regulation,
the Applicant assuming he maintained any bank accounts or sought to open
one, but is being hindered or irritated by the requirement of the Regulation
to avail his social media handle as part of KYC, the Applicant still had a
choice, which is to refuse to do business with any bank insisting on the
information as part of its social media handle but to seek other
alternatives.

 

"Fourth, and for all it is worth, I do not see how asking a banking or
potential banking customer to provide his social media handle can ever
amount to a breach of privacy.

 

"Granted that Section 37 of the Constitution of the Federal Republic of
Nigeria 1999 (as amended) provides, among other things: "The privacy of
citizens, their homes, correspondence, telephone conversations and
telegraphic communications is at this moment guaranteed and protected.

 

"My view is that a social media handle is of the same genre as providing
email addresses, phone numbers and other means by which a potential bank
customer can be contacted.

 

"Thus, it is clear from the face of the Regulations as set out above that
email addresses, phone numbers and social media handles are all provided for
under clause 6iv just to show that the aim was not to pry on anyone but
rather to provide alternative ways by which a customer of the bank can be
contacted and or due diligence conducted on the person to determine if the
person is a fit and proper person to extend banking services to.

 

"I do not see how this infringes on the right to privacy. I should even say
that the essence of having a social media account was to be publicly visible
communication-wise. It, therefore, appears quite ironic, though wryly, that
one can suggest that asking for information about a social media handle with
which the individual exposes and immerses himself in public can amount to a
violation of privacy rights, which rights itself is all about the isolation
of one from public glare.

 

"It is also to my knowledge that even in filling some business applications,
personal information of this sort is sometimes requested, and parties
generally oblige. If it does not constitute a breach of privacy, why should
it now?

 

"A social media handle is left at large for the world to see, being in the
public space, everyone enjoys the liberty to have access to it whether or
not consent was obtained. It would be highly unreasonable to hold the
Respondent in breach of privacy for what other persons can access.

 

"The applicant's apprehension of his social interactions being monitored is
manifestly speculative and somewhat incredulous to believe that the
financial institutions have the luxury of time to concern themselves with
such frivolities.

 

"On the whole, if I did not sustain the preliminary objection, I would have
dismissed the suit for the reasons stated. But the preliminary objection
having been sustained, the suit is, therefore, at this moment, struck out.

 

"I make no order as to costs," the judge held.

 

-Leadership.

 

 

 

 

Nigeria: Senate Steps Down Electricity Tariff Hike Report Over Court Order

A court case instituted in Kano has halted the Senate's plans to stop
electricity tariff increase.

 

The Senate had set up a committee headed by the chairman, Senate Committee
on Power, Enyinnaya Abaribe to investigate the hike in electricity tariff.

 

After holding a public hearing with stakeholders, the committee submitted
its report for deliberation and approval by the Senate.

 

In his report, Abaribe presented 10 recommendations to the Senate and urged
it to prevail on the Nigeria Electricity Regulatory Commission (NERC) to
suspend the implementation of MYTO, 2024 which approved over 200 percent
upward review of the previous tariffs from N68/kWh to N225/kWh to allow for
robust consultation with the customers on the various bands on the cost of
service instead of heavy reliance on feeder location and duration of service
which are difficult to determine and monitor.

 

 

The committee also urged NERC to ensure compliance with the mandatory
requirement of stakeholder consultation under Section 48 of the Electricity
Act, 2023 regarding future regulatory decisions to avoid a repeat of the
confusion and public outcry that trailed the recent exercise.

 

It further advised that the "Ministry of Power and NERC should in the
meantime adopt measures to address the problem of power scarcity
holistically rather than its preoccupation with price manipulation which has
proven to be counterproductive."

 

Abaribe said NERC should hold the DisCos accountable on key performance
indicators (KPIs) including failure to deliver on CAPEX and OPEX
allocations, customer metering obligation under the Electricity Act, 2023,
essential customer service obligations including customer sensitisation,
implementation of energy credits for customers who invested in transformers,
meters and other assets on the DISCO networks.

 

 

The committee also proposed that rate designs should only be cost-reflective
if proper account is taken of the relevant macroeconomic environment that
determine the affordability of electricity to the different segments of the
market.

 

Furthermore, the panel said the federal government metering intervention
should be encouraged and intensified to address current metering gap of 6.3
million and "this must be pursued by the FGN without prejudice to the
statutory obligation of DISCOS to meter their customers as provided under
Section 68(1)(b) of the Electricity Act, 2023. In this regard, Mr. President
should be commended for the introduction of the Presidential Metering
Initiative."

 

It asked that "the Ministry of Power should establish an Electricity
Consumer Protection (ECP) Unit to develop, implement and enforce the
Electricity Consumer Protection component of the Electricity Act, 2023.
34(2)(c) and 119 (1)(f)."

 

After the senators deliberated on the matter, the deputy senate president,
Barau Jibrin, who presided over the plenary, said he knew about the order of
the court, adding that the Senate is constrained.

 

"There is a need for us to have restraint," Barau said, adding that having
listened to the comments of Senator Zam, who is the chairman of Rules and
Business Committee, "the report is stepped down."

 

-Leadership.

 

 

 

 

 

Nigeria: Emirates Resumes Flight to Nigeria October 1

Two years after it suspended operations to Nigeria, the Middle East Mega
Carrier, Emirates Airlines has announced that it would resume flight
services to Nigeria from October 1, 2024. This was announced by Emirates
Media Centre, the news website of the airline.

 

The airline stated: "Emirates will resume services to Nigeria from October
1, 2024, operating a daily service between Lagos and Dubai, and offering
customers more choice and connectivity from Nigeria's largest city to, and
through, Dubai.

 

"The service will be operated using a Boeing 777-300ER. EK783 will depart
Dubai at 0945hrs, arriving in Lagos at 1520hrs; the return flight EK784 will
leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day. Tickets
can be booked now on emirates.com or via travel agents.

 

 

Adnan Kazim, Emirates' Deputy President and Chief Commercial Officer
expressed delight over the new development, stressing that the airline was
excited to reconnect travellers.

 

"We are excited to resume our services to Nigeria. The Lagos-Dubai service
has traditionally been popular with customers in Nigeria and we hope to
reconnect leisure and business travellers to Dubai and onwards to our
network of over 140 destinations.

 

"We thank the Nigerian government for their partnership and support in
re-establishing this route and we look forward to welcoming passengers back
onboard."

 

With the resumption of operations to Nigeria, Emirates operates to 19
gateways in Africa with 157 flights per week from Dubai, with further reach
to an additional 130 regional points in Africa through its codeshare and
interline partnerships with South African Airways, Airlink, Royal Air Maroc,
Tunis Air, among others.

 

 

As a major economic hub in Africa, Nigeria and the UAE have built strong
bilateral trade relations over the years, headlined by Lagos as the nation's
commercial centre.

 

With the resumption of daily passenger flights, the airline's cargo arm,
Emirates SkyCargo, will further bolster the trade relationship by offering
more than 300 tonnes of bellyhold cargo capacity, in and out of Lagos every
week.

 

Emirates SkyCargo will support Nigerian businesses by exporting their goods
via its state-of-the-art hub in Dubai, into key markets such as the UAE,
Malaysia, Hong Kong, and Bahrain, among others with key anticipated
commodities such as Kola Nuts, food and beverages, and urgent courier
material.

 

 

Emirates SkyCargo will also import vital goods such as pharmaceuticals and
electronics as well as general cargo from key markets such as the UAE, India
and Hong Kong. Keeping trade flowing seamlessly, these goods will be
transported quickly, efficiently, and reliably via the airline's
multi-vertical specialized product portfolio.

 

The Emirates Boeing 777-300ER serving Lagos, said it will operate with eight
First Class suites, 42 Business Class seats, and 304 seats in Economy Class.

 

Offering the best experience in the sky, Emirates said its passengers can
dine on regionally inspired multi-course menus developed by a team of
award-winning chefs complemented by a wide selection of premium beverages.

 

"Customers can tune in to over 6,500 channels of global entertainment,
including 23 Nigerian movies, in addition to series and other content on
ice, Emirates' award-winning inflight entertainment system," it added.

 

Emirates stopped its operations to Nigeria indefinitely on October 29, 2022,
and gave reason that it stopped flights to the country because of its
trapped funds and over the failure of government to make dollars available
to the foreign carriers to repatriate their revenues.

 

With the resumption of Emirates flights to Nigeria, the UAE and Nigeria
would resume their diplomatic relations and Nigerians can now obtain visa to
travel to the Middle East country.

 

Also in a tweet, the airline wrote: "We're back Nigeria! We'll be resuming
services to Lagos from 1 October 2024, and we can't wait to offer unrivalled
connectivity to Dubai and beyond to over 140 cities."

 

Earlier, Nigeria's Minister of Aviation and Aerospace Development, Festus
Keyamo (SAN) hinted about the development on his X handle.

 

In his post, he revealed that he met with the Ambassador of the UAE to
Nigeria, Salem Saeed Al-Shamsi, in Abuja on Tuesday, explaining that during
the meeting, Al-Shamsi handed him a correspondence from Emirates Airlines
confirming the flight resumption date.

 

The Minister wrote: "Yesterday (Tuesday), I paid a working visit to the
Ambassador of the UAE to Nigeria, His Excellency, Salem Saeed Al-Shamsi at
the UAE Embassy in Abuja.

 

"He handed me a correspondence from the Emirates Airline indicating a
definite date of their resumption of flights to Nigeria. That date will be
formally announced by Emirates Airlines in a matter of days."

 

The two countries have faced longstanding issues related to the Bilateral
Air Services Agreement (BASA). More recently, visa restrictions had
compounded the situation, affecting many Nigerians who consider the UAE a
top destination.

 

-This Day.

 

 

 

 

Uganda to Import Fuel Directly, Cutting Reliance On Kenyan Marketers

Uganda will now have the capacity to directly import fuel from producing
nations, diminishing its reliance on Kenyan marketers, following a bilateral
meeting in Nairobi.

 

Kenya's President, William Ruto, announced that Nairobi and Kampala have
formalised a tripartite agreement concerning the importation and transit of
petroleum products through their territories.

 

President Ruto emphasised that this agreement signifies a major shift,
allowing Uganda to directly import refined petroleum products from producing
countries.

 

This development comes as a resolution to trade tensions that had strained
relations between the neighboring nations.

 

 

During President Yoweri Museveni's State Visit to Nairobi on Thursday,
President Ruto highlighted the significance of this agreement in addressing
Uganda's energy needs.

 

"We have just witnessed this agreement which enables the Uganda National Oil
Company (UNOC) Ltd to import refined petroleum commodities directly from
producer jurisdictions thus bringing to an end the challenges faced by the
sector in Uganda," said Dr Ruto.

 

In addition to the agreement, discussions centered on extending the
petroleum pipeline from Eldoret to Kampala, aiming to streamline direct
exports.

 

Uganda, primarily reliant on Mombasa for 90 percent of its fuel imports, had
previously expressed intentions to utilise its national oil entity, UNOC,
for procuring and distributing petroleum products to its Oil Marketing
Companies (OMCs).

 

This shift was prompted by Kenya's decision to engage in
Government-to-Government agreements with Gulf nations. Uganda argued that
this arrangement disrupted local fuel prices and heightened vulnerability to
supply shortages.

 

Consequently, Uganda proposed redirecting a significant portion of its
oil-related operations to the Port of Dar es Salaam, a move with potential
ramifications for transit cargo at the Port of Mombasa.

 

Business Day Africa.

 

 

 

Rwanda: Time Is Ripe for Africa's Economic Independence - Experts

African government leaders should convert their commitments into concrete
actions and put their countries on the path to economic development, experts
have said.

 

The call was made on Thursday, May 16, as business and political leaders
discussed the conditions necessary for reducing Africa's dependency on the
rest of the world at the official opening of the 2024 Africa CEO Forum,
underway in Kigali.

 

ALSO READ: Africa CEO forum opens in Kigali

 

Hosted under the theme; At the table or on the menu; A critical moment to
shape a new future for Africa, the forum, in its 11th edition attracted over
2,000 participants including Heads of State, leaders of international
organizations, captains of industry, and investors,among others.

 

 

"When preparing for this edition, we had a private sector that was worried
about three issues," said Amir Ben Yahmed, the CEO of Jeune Afrique Media
Group, the organizers of the forum.

 

ALSO READ: Africa CEO Forum: Who are the business tycoons in Kigali?

 

"Our unity, when 30 per cent of our countries are embroiled in some kind of
covert or open confrontation. Our attractiveness. Five years after it came
into being, a crucial transformative project like the AfCFTA is showing
little signs of progress," he added.

 

Yahmed also highlighted that CEOs were concerned about the continuing
deterioration of macroeconomic situation which, for the first time in 25
years, has led to an increase poverty on the continent.

 

A solid governance system and strong support for private-sector investments
should be the golden vision, Yahmed observed.

 

 

He shared similar sentiments with Makthar Diop, the Managing Director of the
International Finance Corporation (IFC), who challenged that the forum is an
opportune moment to rethink Africa's role on the global stage.

 

"It is not just about being present. It is about supporting the continent's
strengths to help drive the global agenda," he said.

 

Although Africa had registered good growth over the years before the
pandemic hit, the continent is still mired in a myriad of challenges, some
of which threaten to reverse gains made decades later.

 

Tawfik Hammoud, Chief Client Officer and Chair at BCG, maintained that most
of the world's challenges will find solutions in Africa.

 

For instance, he said, the critical minerals for decarbonization, the green
energy potential, the agricultural produce, and the 2.5 billion consumers by
2050 as well as the human capital present the continent's potential.

 

 

"That's where the world's solutions are," he noted, adding that that is how
you know that you are on the table.

 

According to Hammoud, equally alarming is the fragmentation of the world
today, which he insisted that it was an opportunity for Africa to expand its
business and political allies.

 

"We have never had so much freedom to choose who we do business with," he
added. "We are in the midst of a great geopolitical and macroeconomic reset.
So you as leaders have a great role to play to set a bold course of action."

 

At the table or on the menu?

 

For Rwanda's Minister of State in charge of Public Investment and Resource
mobilization at the Ministry of Finance, Jeanine Munyeshuli, Africa is the
fastest-growing middle class and population in the world.

 

"The growth potential is remarkable," she said.

 

With the African Union (AU) joining the G20, there is a chance that the
continent's voice can be heard, Munyeshuli reiterated.

 

"But maybe I feel that it is also high time that we reframe some quotations.
Fine, we are at that table, but is it time to celebrate? How influential
will our voices not stand together and have one voice?" she wondered.

 

"Second, it is good news that we are invited at the table with the global
powers, but is it time we set our own table and invite our partners?" she
added.

 

Dr. Sidi Ould Tah, president of the Arab Bank for Economic Development in
Africa (BADEA) echoed similar sentiments.

 

"When you look back ten years, some may believe that nothing has changed.
But when you travel in Africa, and meet the youth, the captains of industry,
we see a tremendous change and that creates hope for the future and for the
voice of Africa to be heard in the right place and the right table."

 

"Today if you look a the role played by some pioneers, captains of
industries but also some financial institutions, we see the development of
specialized economic zones to process our product in Africa and add value
while creating jobs for the local communities."

 

Panelists also discussed making greater use of fiscal resources,

 

"We need to go beyond rhetoric and implement concrete actions, with the
participation of governments, businesses and the wider society. We also need
to change our mindset and be open, not stay in a single region of Africa,
create large markets and create opportunities," suggested Aigboje
Aig-Imoukhuede, Chairman of Access Holdings.

 

-New Times.

 

 

 

Kenya: Employment Court Orders Counties to Engage Striking Clinicians

Nairobi — The Employment and Labour Relations Court (ELRC) Wednesday ordered
the Council of Governors (CoG) to continue scheduled talks with the Kenya
Union of Clinical Nurses (KUCO) in efforts to end an ongoing strike.

 

Justice Byram Ongaya ordered that pending amicable negotiations and
resolution of dispute, the respondents (County governments) are prohibited
from harassing, intimidating, and punishing the union members.

 

"Continuing disciplinary process against union members on account of raising
grievances in dispute and any proceedings is prohibited," Justice Ongaya
directed.

 

He slated the matter for mention on June 25.

 

 

The directive came as the Union commenced talks with the CoG on Tuesday to
iron out outstanding issues and end an ongoing strike.

 

Contention

 

During the meeting, the two parties laid down issues up for discussion with
KUCO insisting on honoring the 2021 Collective Bargaining Agreement (CBA)
that settled on a risk allowance of Sh15,000.

 

The talks got underway even as CoG insisted its hands were tied on the
matter arguing, the national government was better placed to respond to
demands by KUCO.

 

"Collective Bargaining Agreement is not on the table so we hope that now we
can be able to set the parameters on which part we are supposed to work on.
We are two different governments with national government and, in our
discussions, today let us isolate issues that we (counties) have to work
on," Governor Tharaka Nithi Muthomi Njuki, Chairperson of the CoG Health
Committee, said.

 

Peter Wachira, KUCO Chairperson, said the union will engage the CoG further
on Thursday despite the stance adopted by the Governors' Council.

 

He insisted that discussions with the CoG must be anchored on the CBA.

 

"Governor Muthomi the CBA must be on the table because we have negotiated
about 80 per cent of this. It is not something that can take us two weeks if
we sit and negotiate with goodwill. And as a union we have good will,"
Wachira said.

 

Capital FM.

 

 

 

 

Nigeria: Emirates Announces Flight Resumption in Nigeria

Emirates says the resumption of daily flights will further bolster trade by
Nigerian and Emirati businesses.

 

Emirates Airlines has announced that it will resume flight services to
Nigeria from 1 October, after over a year it suspended operations in the
country due to difficulties encountered in repatriating trapped funds.

 

In a statement published on its website on Thursday, the airline announced
that it would resume daily service between Lagos and Dubai, offering
customers more choice and connectivity from Nigeria's largest city to and
through Dubai.

 

"The service will be operated using a Boeing 777-300ER. EK783 will depart
Dubai at 0945hrs, arriving in Lagos at 1520hrs; the return flight EK784 will
leave Lagos at 1730hrs and arrive in Dubai at 0510hrs the next day," the
statement said.

 

According to the statement, tickets can now be booked on the airline's
website or via travel agents.

 

 

The announcement by the airline came after Nigeria's Aviation Minister,
Festus Keyamo, paid a working visit to the Ambassador of the United Arab
Emirates to Nigeria in Abuja.

 

"Yesterday, I paid a working visit to the Ambassador of the UAE to Nigeria,
His Excellency, Salem Saeed Al-Shamsi at the UAE Embassy in Abuja," the
minister said in a tweet posted on his X handle Wednesday.

 

During the visit, he said Mr Al-Shamsi handed a correspondence from the
Emirates Airline indicating a definite date of resumption of flights to
Nigeria.

 

"That date will be formally announced by Emirates Airlines in a matter of
days," he said.

 

On Thursday, Adnan Kazim, Emirates' Deputy President and Chief Commercial
Officer said the airline is excited to resume services to Nigeria.

 

 

Mr Kazim said the Lagos-Dubai service has traditionally been popular with
customers in Nigeria and that the airline hopes to reconnect leisure and
business travellers to Dubai and onwards to its network of over 140
destinations.

 

"We thank the Nigerian government for their partnership and support in
re-establishing this route and we look forward to welcoming passengers back
onboard," the statement quoted him saying.

 

Background

 

In November 2022, Emirates suspended flights to Nigeria. It said the measure
started on 29 October 2022 and blamed it on its inability to repatriate its
revenue from the country.

 

At the time, the airline said it had communicated its position to the
Federal Government and the Central Bank of Nigeria (CBN).

 

"Under these extraordinary circumstances, Emirates had no option but to
suspend flights to/from Nigeria from 29 October 2022 to mitigate against
further losses moving forward," the airline management said.

 

 

At the time, Emirates lamented that it had not repatriated its blocked funds
from the country amidst lingering scarcity of forex in the country.

 

"Without the timely repatriation of the funds and a mechanism in place to
ensure that future repatriation of Emirates' funds do not accumulate in any
way, the backlog will continue to grow, and we simply cannot meet our
operational costs nor maintain the commercial viability of our operations in
Nigeria," the airline said.

 

In March, the Central Bank of Nigeria (CBN) announced that the government
has cleared all 'valid' foreign exchange backlogs.

 

Operation schedules

 

With the resumption of operations to Nigeria, Emirates said it would operate
to 19 gateways in Africa with 157 flights per week from Dubai, with further
reach to an additional 130 regional points in Africa through its codeshare
and interline partnerships with South African Airways, Airlink, Royal Air
Maroc, Tunis Air, among others.

 

"As a major economic hub in Africa, Nigeria and the UAE have built strong
bilateral trade relations over the years, headlined by Lagos as the nation's
commercial centre," the airline said.

 

With the resumption of daily passenger flights, Emirates said the airline's
cargo arm, Emirates SkyCargo, will further bolster the trade relationship by
offering more than 300 tonnes of bellyhold cargo capacity, in and out of
Lagos every week.

 

"Emirates SkyCargo will support Nigerian businesses by exporting their goods
via its state-of-the-art hub in Dubai, into key markets such as the UAE,
Malaysia, Hong Kong, and Bahrain, among others with key anticipated
commodities such as Kola Nuts, food and beverages, and urgent courier
material," the statement said.

 

Additionally, the Airline said Emirates SkyCargo will also import vital
goods such as pharmaceuticals and electronics as well as general cargo from
key markets such as the UAE, India and Hong Kong.

 

"Keeping trade flowing seamlessly, these goods will be transported quickly,
efficiently, and reliably via the airline's multi-vertical specialised
product portfolio," Emirates said.

 

It said the Emirates Boeing 777-300ER serving Lagos will operate with eight
First Class suites, 42 Business Class seats, and 304 seats in Economy Class.

 

-Premium Times.

 

 

 

Kenya: Heavy Taxation Not a Solution to Kenya's Debt Problem - Tax Experts

Nairobi — Tax and exchange control experts have called on the government to
employ innovative revenue generation strategies as it seeks to settle the
ballooning debt to avoid overburdening Kenyans and driving away investors.

 

While singling out the recent proposal by President William Ruto to raise
the GDP-to-tax ratio from 14 percent to 22 percent, the experts argued that
while the move is justified, the government should engage stakeholders from
different sectors and the general public in order to achieve a balance.

 

Lenah Onyango, a partner at Cliffe Dekker Hofmeyr (CDH), a firm that
specializes in tax dispute resolution, independent tax reviews,
international tax advisory, and value-added tax, said that tax is not
"necessarily" a solution to the challenges affecting the country.

 

She stated that the government should also look into ways of improving the
lives of Kenyans, accounting for the collected taxes, and controlling
government spending to ensure that Kenyans get value for their money.

 

 

"I am yet to see a country that has taxed itself to success. I think the
government should take a wholesome approach. It is not about the numbers,
but it is also about all the other factors that come into play to take us
where we want to be as a country," she said.

 

Another expert, Alex Kanyi, stated that raising taxes should also be tied to
services, adding that Kenyans want to see what the government is doing
towards improving their livelihoods with the taxes that are being
contributed.

 

He proposed that the government could start the process by disclosing the
amount of taxes contributed in each financial year and explaining to Kenyans
how the monies have been utilized.

 

Kanyi added that the government should also develop a clear communication
strategy that will highlight the projects and programs where the taxes
collected have been channeled.

 

 

"If people see the value of their tax, they will pay tax," he stated.

 

On May 14, President William Ruto revealed plans to progressively increase
Kenya's general tax rate to 22 percent within a decade.

 

Speaking during a meeting with Harvard University students at State House
Nairobi on Tuesday, the Head of State outlined his vision to raise the
country's current tax rate from the prevailing 16 percent by the conclusion
of his term.

 

Ruto emphasized the importance of enhancing revenue generation to fund
critical government initiatives and reduce the burden of foreign borrowing.

 

"Kenyans have been conditioned to think that they pay the highest taxes but
empirical data shows that as of last year (2023), our tax as a percentage of
our revenues is 14 percent," he said.

 

The Head of State asserted that by increasing the average tax rate, the
government seeks to expand its revenue base, thereby enabling investments in
key sectors such as healthcare, education, infrastructure, and social
welfare.

 

"Possibly this year we will be at 16 percent from 14 percent. I want to
leave it between 20 and 22 percent at the end of my term," he added.

 

Already, under a proposed taxation plan slated for implementation in the
2024-25 fiscal year, the government has proposed more revenue measures,
including a 2.5 percent wealth tax on cars pegged on value.

 

Ruto said the measures would secure a more sustainable financial future
while fostering economic stability and growth.

 

President Ruto acknowledged that the tax review would generate significant
debate and scrutiny, particularly regarding its potential impact on
businesses, consumers, and the economy.

 

However, he noted that it is the best way to make Kenya self-reliant.

 

-Capital FM.

 

 

 

 

Tanzania: Canada Injects 38 Billion to Support 'Smart Agriculture' in
Tanzania

Canada, through Global Affairs Canada, has injected a total of 20 million
Canadian Dollars (approximately 38bn/-) to empower women and youth in the
agriculture sector to combat the consequences of climate change in three
regions.

 

This was revealed in Mkuranga District in the Coast Region on Wednesday when
Canadian Minister of International Development, Ahmed Hussen, launched the
ambitious groundbreaking 'Her Resilience, Our Planet' project aimed at
empowering the mentioned groups in adaptation, mitigation, and transition to
renewable energy.

 

The six-year project will be coordinated in the country by Care Tanzania in
collaboration with five other partners: WWF, SAGCOT, TGNP Mtandao, Shahidi
wa Maji, and the Conservation Farming Unit.

 

Also read: Over 500 BBT youths pass out military training

 

Addressing the launching ceremony, the Canadian Minister said the unveiled
project will reach over 175,000 smallholder farmers, particularly women, to
deal with the effects of climate change in the agricultural sector.

 

 

He noted that women and youth are among the groups most affected by climate
change; hence Canada has released the funds to enable them to "adapt,
mitigate, and transition to renewable energy."

 

On his part, the Deputy Minister of Agriculture, Mr. David Silinde, thanked
the government of Canada for the grant, saying that the project to support
Tanzanian smallholder farmers reflects the existing strong partnership
between the two countries.

 

He added that the project comes at a crucial time when Tanzania is executing
various agricultural programs geared towards feeding Africa and the world.

 

According to the Deputy Minister, Tanzania is currently implementing
Building Better Tomorrow (BBT), which involves graduates, an initiative
that, in most aspects, aligns with the ambitious groundbreaking project, Her
Resilience, Our Planet. The project is expected to uplift women and youth
economically as well as contribute to saving the planet.

 

 

On his part, the Coast Regional Commissioner, Abubakar Kunenge, said
Tanzania is capitalizing on the value chain in the sector; hence the project
has come at an appropriate time.

 

The project will be implemented in the Southern Agricultural Growth Corridor
of Tanzania (SAGCOT) clusters, which involve Iringa, Kilolo, Wanging'ombe,
Mufindi, and Mbarali districts. These areas are linked to the Ruaha Basin.

 

Care Tanzania has adopted a comprehensive approach to climate justice that
integrates environmental sustainability, gender equality, and social
inclusion.

 

It works towards building resilience, reducing vulnerabilities, and
promoting adaptive capacities of communities while ensuring the protection
of human rights and addressing systemic inequalities.

 

As the global climate emergency intensifies, it is estimated that an
additional 132 million people will be pushed into poverty by 2030 due to
climate change.

 

-Daily News.

 

 

 

 

Kenya: Safaricom Restores Internet Services After Undersea Fibre Cut

Nairobi — Safaricom has restored its Internet services to full network
capacity and stability following last Sunday's undersea fibre cable cut that
affected and disrupted the services.

 

In a statement, the telco said that it resolved the problem by acquiring
additional capacity from other undersea cable providers.

 

"We are happy to inform our customers and stakeholders that we have now
resumed full network capacity and stability following last Sunday's undersea
cable cuts that affected some of our services," it noted in a statement.

 

The service provider added that it will continue monitoring its network to
ensure the stability of services as it works closely with impacted undersea
cable suppliers for speedy resolution on the repair works.

 

 

"We sincerely thank our engineers for working round the clock to keep the
country connected through optimization and quickly onboarding additional
capacity from the undersea cables. We sincerely apologize to customers who
may have experienced slower than expected speeds on our network during this
period," it added.

 

The Communications Authority of Kenya (CA), however, revealed that the
backlog generated by the outage might take some time to clear.

 

While addressing the state of the country's internet connectivity, the
Authority's Director General David Mugonyi commended efforts made by mobile
network operators and internet service providers to restore internet
services and keep the country connected through the acquisition of
additional capacity in other undersea fibre cables.

 

"We thank industry players for their hard work in ensuring the country
remains connected to data services and all consumers for their patience.
While this has led to near normal services, the backlog generated by the
outage might take some time to clear," said Mugonyi CA director general.

 

The internet disruption affected customers across the country as a result of
an outage in one of the undersea cables that delivers internet traffic in
and out of the country.

 

-Capital FM.

 

 

Reddit shares jump after OpenAI ChatGPT deal

Shares in Reddit have jumped more than 10% after the firm said it had struck
a partnership deal with artificial intelligence (AI) start-up OpenAI.

 

Under the agreement, the company behind the ChatGPT chatbot will get access
to Reddit content, while it will also bring AI-powered features to the
social media platform.

 

The announcement highlights Reddit's efforts to broaden its income sources
away from advertising.

 

The deal also comes as a growing number of copyright owners mount legal
challenges over the use of their material by AI firms.

 

On Thursday Sony - which is the largest music publisher in the world - sent
letters to Google, Microsoft and OpenAI demanding to know if they had used
its songs to develop AI systems.

 

The BBC has approached Google, Microsoft and OpenAI for comment.

 

In recent months OpenAI has also agreed deals with several publishers,
including the Associated Press and the Financial Times.

 

Meanwhile, Google announced a partnership in February which allows the
technology giant to access Reddit data to train its AI models.

 

Both in the European Union and US, there are questions around whether it is
copyright infringement to train AI tools on such content, or whether it
falls under fair use and "temporary copying" exceptions.

 

The issue is being tested in court in the US, in several legal cases
separately representing people like Game of Thrones author George RR Martin,
comedian Sarah Silverman, and the New York Times.

 

This week, OpenAI unveiled the latest version of the technology which
underpins ChatGPT.

 

The firm said GPT-4o will be rolled out to all users of ChatGPT, including
non-subscribers.

 

It is faster than earlier models and has been programmed to sound
conversational in its responses to prompts.

 

The new version can read and discuss images, translate languages, and
identify emotions from visual expressions. There is also memory so it can
recall previous prompts.-bbc

 

 

 

Business locked in expensive AI 'arms race'

There’s no doubt we’re in an AI arms race says Jon Collins.

 

He’s worked in IT for 35 years in various roles, including as a software
programmer, systems manager and chief technology officer.

 

He’s now an industry analyst for research firm Gigaom.

 

The current arms race was spurred by the launch of ChatGPT at the end of
2022, says Mr Collins.

 

Since then, many such generative AI systems have emerged, and millions of
people use them every day to create artwork, text or video.

 

For business leaders the stakes are high. Generative AI systems are very
powerful tools that can digest more data in minutes than a human could in
several lifetimes.

 

Suddenly company leaders are aware what AI could allow them, and their
competition, to achieve, Mr Collins explained.

 

“Fear and greed is driving it,” he says. “And that creates an avalanche of
momentum.”

 

With the right training a customised AI system could allow a company to leap
ahead of its rivals with a research breakthrough, or by cutting costs by
automating work currently done by humans.

 

In the pharmaceuticals sector, firms are customising AI to help them
discover new compounds to treat disease. But it’s an expensive process.

 

“You need data scientists, and you need model engineers,” explains Mr
Collins.

 

Those scientists and engineers need to understand, at least to some extent,
the area of pharmaceuticals that the AI will be working in.

 

And it does not stop there. “You need the infrastructure engineers that can
build your AI platforms,” he continues.

 

Such highly skilled workers are not easy to come by.

 

There are just not enough people who “understand how to make these systems,
how to make them really perform, and how to solve some of the challenges
going forward,” says Andrew Rogoyski, director of innovation at the Surrey
Institute for People-Centred AI at the University of Surrey.

 

Salaries for those who can tackle these challenges have hit “ludicrous”
levels, he adds, because they are so important.

 

“We could produce hundreds of AI PhDs, if we had the capacity, because
people would give them jobs.”

 

Getty Images Stock image of a software programmerGetty Images

AI developers can command "ludicrous" salaries

Beyond the skills shortages, just gaining access to the physical
infrastructure needed for large scale AI can be a challenge.

 

The sort of computer systems needed to run an AI for cancer drug research
would typically require between two and three thousand of the latest
computer chips.

 

The cost of such computer hardware alone could easily come in at upwards of
$60m (£48m), even before costs for other essentials such as data storage and
networking.

 

Part of the problem for business is that this kind of AI has appeared rather
abruptly. Previous technology, like the emergence of the internet, was built
up more slowly.

 

A big bank, pharmaceutical firm or manufacturer might have the resources to
buy in the tech it needs to take advantage of the latest AI, but what about
a smaller firm?

 

Italian start-up Restworld is a recruitment website for catering staff, with
a database of 100,000 workers.

 

Chief technology officer Edoardo Conte was keen to see if AI could benefit
the business.

 

The firm considered building an AI-driven chatbot to communicate with users
of the service.

 

But Mr Conte said that, across thousands of users, “The cost grows very
much.”

 

Instead, it looked at a narrower problem – the issue that candidates don’t
always present their experience in the best way.

 

For example, a candidate might not list waitering as a skill. But the
algorithms Mr Conte developed make it easier to uncover additional
information, including whether they had applied for and gained a waiting
role in the past.

 

“The AI can deduce that they’re a waiter, or they might be interested in
other waiter job offers,” he says.

 

One roadblock in hospitality recruitment is getting candidates to the
interview stage.

 

So, Mr Conte’s next challenge is to use AI to automate and customise the
interview process for its candidates.

 

The AI might even conduct a “conversation” with candidates and produce
summaries to pass onto recruiters.

 

It might speed up the whole process, which currently can take days, in which
time a waiter or chef might have found another job.

 

Restworld Chief Technology Officer Edoardo Conte, RestworldRestworld

Edoardo Conte has been developing an AI for Italian start-up Restworld

 

In the meantime, larger firms will continue to pour cash into AI projects,
even if it’s not always clear what they’re likely to achieve.

 

As Mr Rogoyski says, the adoption of AI is in a “Darwinian, experimental
phase,” and it’s difficult to see what the consequences will be.

 

“That's where it gets interesting. But I kind of think that we have to go
with it,” he says, before adding “I'm not sure we get a choice.”

 

 

US woman accused of stealing identities to give North Koreans jobs

US prosecutors have accused an American woman of helping North Koreans find
remote jobs in the US and then send their wages back to North Korea.

 

Christina Chapman is charged alongside three North Korean nationals with
participating in the elaborate plot.

 

The Arizona resident allegedly stole the identities of American citizens,
then helped foreign IT workers use those identities to pose as Americans and
gain employment at US companies, according to prosecutors.

 

Ms Chapman has been charged with nine counts of conspiracy to defraud the
US.

 

Investigators said the "staggering" scheme used the stolen identities of 60
people, and generated nearly $7m (£5.5m) in funds that were sent back to
North Korea, possibly to contribute to the country's weapons programme.

 

The scheme - involving some 300 US companies - allegedly started in October
2020. According to the indictment, the workers were "highly skilled
information technology (IT) workers."

 

The companies, which were unaware of the scheme, were not identified, but
officials said they included several Fortune 500 companies, as well as a
major TV network, indicta defence company, a "premier" Silicon Valley tech
company and an "iconic" American auto manufacturer.

 

Ms Chapman, 49, allegedly ran a "laptop farm" from her home, where she would
log into laptops issued by the companies so that it appeared the North
Korean workers from other countries were physically in the US.

 

She would then help the IT workers remotely connect to the laptops, and also
help them to receive their wages from the companies, according to the
57-page charging document.

 

The indictment says "in exchange, Chapman charged monthly fees to the
overseas IT workers for her services, enriching herself off the scheme".

 

She also is accused of unsuccessfully trying to procure employment at US
government agencies.

 

"The charges in this case should be a wakeup call for American companies and
government agencies that employ remote IT workers," said Nicole Argentieri,
head of the Justice Department's Criminal Division.

 

"These crimes benefitted the North Korean government, giving it a revenue
stream and, in some instances, proprietary information stolen by the
co-conspirators."

 

Officials said Ms Chapman was contacted in March 2020 by an unknown
individual who asked her to "be the US face" of their company.

 

Ms Chapman is charged alongside North Korean citizens Jiho Han, Chunji Jin,
Haoran Xu who remain at large.

 

All three have been tied to North Koreans Munitions Industry Department,
according to the US State Department, which notes that the organisation
handles ballistic missile and weapons production for North Korea.

 

The US state department has offered $5m for "information that leads to the
disruption" of North Korean money laundering and financial fraud crimes.

 

Ms Chapman was arrested on Thursday in Arizona. It is unclear if she has
hired a lawyer who could speak on her behalf.-BBC

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Old Mutual Zimbabwe

AGM

 

22 May 2024 | 3pm

 


Nampak

EGM (to approve the change of auditors to Axcentium)

Virtual

23 May 2024 | 9am

 


 

Africa Day

 

25 May 2024

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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