Major International Business Headlines Brief::: 20 May 2024

Mon May 20 08:48:56 CAT 2024

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Major International Business Headlines Brief:::  20 May 2024 

ü  Nigeria: 2 Years After, 100 New Air Traffic Controllers Redundant

ü  Rwanda: Ruto Orders KTDA Management Fee Cut Amid Legal Disputes

ü  Africa: Why Europe Is Banking On Africa for Its Big-Ticket Investments

ü  Ethiopia: Norway Pledges Continued Support for Ethiopia's Green Development Efforts

ü  Liberia: FAO Liberia and Agriculture Ministry Pledge Support to Farmers in Lofa County

ü  Kenya: Lake Turkana Wind Power Picks New CEO

ü  Nigeria: No, Nigerian Governor Babajide Sanwo-Olu Has Not Increased Minimum Wage for Lagos State Workers to N70,000

ü  Uganda: Parliament Passes Record Sh72.130 Trillion Uganda Budget

ü  Ghana: Soaring Price of Tomatoes Causes a Stir On Social Media

ü  Ethiopia: Nation Earns Over 2.5 Billion USD From Export Trade in Nine Months

ü  Kenya: 6 Nyanza Governors Distance Themselves From Investment Conference

ü  Nigeria, Indonesia Trade Volume Reached $6bn in 2023

ü  China hits back at US and EU as trade rows deepen

ü  Boeing boss's $33m pay package approved

ü  Cuba laments collapse of iconic sugar industry

 <https://www.cloverleaf.co.zw/> Nigeria: 2 Years After, 100 New Air Traffic Controllers Redundant

Two years after the recruitment of over 100 Air Traffic Controllers (ATCs), the cadets are yet to be trained for deployment in airports across the country.

This is just as the air traffic segment and the entire aviation industry continue to grapple with manpower shortage.

Daily Trust findings revealed that as of 2019, Nigeria had 350 ATCs manning 27 airports across the country, a number which stakeholders said was inadequate at that time.

At present, there are no fewer than 400 ATCs at about 30 airports, including state-owned and private ones.

In 2022, the federal government recruited fresh graduates as ATC cadets to join the Nigeria Airspace Management Agency (NAMA).

Our correspondent, however, learnt that since their recruitment, the ATCs have remained largely redundant as they cannot be deployed to any airport without undergoing ATC courses, doing On-the-Job Training (OJT) and acquiring licence from the Nigeria Civil Aviation Authority (NCAA).

Stakeholders in the aviation sector have expressed concerns over the engagement of the ATC cadets without adequate arrangement on training and deployment in line with the standard and recommended practices.

Findings by Daily Trust revealed that it costs almost N2 million to enroll for an ATC course at the Nigerian College of Aviation Technology (NCAT). The cost is exclusive of accommodation, feeding and on-the-job-training.

While there is no specific requirement on the number of air traffic controllers an airport must have, at least six are said to be required at less busy airports like those of Ilorin, Katsina and Kebbi, among others. But each of these has only one controller at present.

A top source in the aviation sector told our correspondent yesterday that the country "currently has less than 50 percent of the ATC requirement".

It was gathered that smaller airports or those considered less viable, which are supposed to have at least six air traffic controllers, have only one air traffic controller manning the operation throughout the day.

The Murtala Muhammed International Airport (MMIA), Lagos, has five different units which are ground control, aerodrome control, approach control and two aerial controls, each of which should have two licensed air traffic controllers at a time, each of whom should have an hour of rest after a six-hour operation.

A source told our correspondent yesterday that this was not the case in each of the units in Lagos, "because there are no enough controllers in the system.

"For those 10 controllers in each of the units, we are supposed to have another set of 10 taking over from them. Then you have to also consider somebody going on leave or somebody falling sick. Unfortunately, we don't have such.

"In Ilorin, they are supposed to run morning and afternoon shifts, which means two controllers are supposed to be on duty in the morning, two in the afternoon and two are supposed to be off duty and that is how they are supposed to be in all these stations, but unfortunately we keep one controller there perpetually. In Katsina, for instance, once a controller resumes by 7am in the morning, he is the only one to be there till 7pm."

'NCAT lacks capacity to train air traffic controllers'

Speaking in an interview with our correspondent on the sidelines of the Aviation Roundtable Business Quarterly Meeting, the president of the Nigerian Air Traffic Controllers Association (NATCA), Comrade Abayomi Agoro, said there was an acute shortage of ATCs in the industry.

He said that the government had been running the system by bringing back retired air traffic controllers.

He said: "NAMA actually recruited some graduates as ATC cadets. Many of them have not yet been trained, and the reason is due to the fact that NCAT itself does not have enough capacity to turn them round.

"So, some of them are just in the field; they are not meaningfully engaged, because if you are not trained, there is no way you can work. You have to be trained, and then you have to do the normal OJT and then have your licence. When you have your licence, you now qualify to be real ATCs.

"Some of these people are just graduates who are there in the field. How we are going to turn them round in order to fill this gap is the issue we need to really address", he said.

Agoro noted that it is cost-intensive to take air traffic controllers out of the country for training.

"In that area, you can't hold NAMA responsible. Also, NCAT is also limited with the resources at its disposal," he said.

Also speaking to Daily Trust yesterday, a former Secretary General of NATCA, Mr Banji Alawode, confirmed the shortage of air traffic controllers.

He said that the Ogun State government had requested controllers for its Gateway Airport. He said one of the three controllers deployed there had travelled out of the country.

"We have some recruits, but we have not been able to train them because of capacity. Our College of Aviation Technology lacks the capacity. The equipment might be there, but they don't have enough personnel because many of them are even running away.

"Instructors are the major issues; we don't have enough. Apart from that, we are talking of accommodation, but the college doesn't have enough accommodation," he stated.

Aviation college mum

There was no response from the management of NCAT yesterday to the concern raised about the lack of capacity as the spokesman of the college, Balarabe Muhammed neither answered phone calls nor replied to a text message sent to him by our correspondent.

The Managing Director of NAMA, Engr. Farouk Umar, in an interview, said there was no proper manpower auditing carried out before recruiting the ATCs.

He said, "It takes time to train ATCs, and they are quite aware of this. It has gone on for many years now that we decided to recruit them. It takes more than one year to train ATCs that will be on the hot seat.

"You can imagine the gap, and we can't train hundreds of them. You can imagine the time it takes to train a handful of them. What is the turnover of that process? It takes time to get the number required. That is the challenge we are having. We are working towards making sure that that aspect is addressed," he said.

- Daily Trust.

Rwanda: Ruto Orders KTDA Management Fee Cut Amid Legal Disputes

President William Ruto has issued a directive to the Kenya Tea Development Agency (KTDA) to slash its management fee, reigniting a contentious debate in the wake of an ongoing legal dispute.

Addressing stakeholders in Nairobi on Tuesday, President Ruto emphasised the necessity of reducing the management fee from its current 2.5 percent to 1.5 percent, aligning with prior proposals set forth during the tea reforms under the previous administration.

However, this proposal faced a setback following legal opposition, halting its implementation by the courts.

"KTDA cannot continue to charge farmers a management fee of 2.5 percent and I direct that it be reduced to 1.5 percent," said President Ruto during a meeting with officials of KTDA at State House Nairobi.

President Ruto further offered a commitment to monitoring progress, scheduling a follow-up meeting in three months to assess the resolution of pertinent issues raised by tea industry leaders, including chairpersons from various KTDA factories.

The Tea Act also mandated a reduction in brokerage fees from 0.5 percent to 0.2 percent, a provision similarly thwarted by legal intervention.

Proponents of the fee reductions argue that such measures could yield substantial benefits for smallholder farmers, potentially amounting to over Ksh1 billion in annual savings and consequently augmenting farmers' earnings.

The government, despite facing legal challenges, had previously indicated intentions to proceed with the fee adjustments, outlining plans to allocate the withheld funds into a reserve account pending court rulings.

"The funds will be set aside in a reserve account awaiting determination of the court case challenging the provisions of the Tea Act on brokerage and management agent fees," remarked Peter Munya, the former Agriculture Minister, in November 2021.

However, apprehensions linger over the potential ramifications of the management fee reduction on KTDA's operational capacity, as the agency heavily relies on fee proceeds for sustaining daily operations.

The government's persistent efforts to regulate brokerage fees have encountered recurring obstacles, with the 2021 initiative marking the second attempt in addressing the matter.

- Business Day Africa.

Africa: Why Europe Is Banking On Africa for Its Big-Ticket Investments

The European Union is investing heavily in Africa - pouring half of its global mega budget of €300 billion into projects on the continent. Renewable energy, internet access, transport, vaccines and education are several sectors benefiting from private and public EU funds - an effort that's being supported by the European Investment Bank (EIB). RFI spoke to vice president Ambroise Fayolle about the bank's strategy for Africa.

RFI: Why is the EIB interested in investing in Africa?

AF: Africa remains a priority in terms of what we can achieve outside of Europe. Last year the EIB invested more money in Africa than anywhere else - about 4 billion euros. This accounts for about 40 percent of our investments outside Europe.

Priority sectors include urban mobility, transportation, water, energy - particularly clean and renewable energy - and issues related to economic development.

RFI: How does the EIB finance its operations?

AF: EU member states, including France, are EIB shareholders. We raise funds on the market through borrowing from investors and then finance projects with other partners. There is no taxpayer money involved, but we benefit from the support of Europe, which allows us to borrow under excellent conditions.

RFI: Is the money you raise redirected according to European priorities?

AF: Yes, absolutely. We are a public bank and therefore we finance projects that are of European interest - something that's defined by politicians at the European Council. Anything related to climate change, whether inside or outside of Europe, is a priority.

RFI: Why does Europe finance projects in Africa?

AF: Europe has been funding projects for a long time. Africa is the continent closest to us and unfortunately it has suffered the greatest climate impact, despite having contributed the least to climate change.

There are many reasons for us to be active in Africa, particularly in projects aimed at combating climate hazards.

RFI: What are some flagship projects supported by the EIB?

AF: We finance a project in Côte d'Ivoire that aims to bring the country's cocoa production in line with European standards. This means eliminating cocoa sourced from deforestation and child labour, among other issues.

Cocoa has a considerable impact on Côte d'Ivoire's economy, accounting for a quarter of jobs and a quarter of GDP. It's important for Europe to finance concrete projects, as well as projects that increase the income of residents.

The cocoa project is an example of this. The price paid for sustainable cocoa is higher than for conventional cocoa. It is a way to increase the income of small producers and improve the living conditions of people in the region.

RFI: This support is provided through financing to the Ivorian microfinance group Cofina, is that correct?

AF: We finance Cofina, and Cofina finances agricultural cooperatives - particularly in the sustainable cocoa sector. While we're not a network institution, we are interested in ensuring that our projects benefit the agricultural cooperatives who meet the criteria of our sustainable development loans.

The EIB has loaned Cofina about €10 billion euros for Côte d'Ivoire. A portion also went to Senegal. The distribution of the loan is ongoing, but 1.5 billion CFA francs have already been disbursed to 24 agricultural cooperatives - including 22 in cocoa and two in rubber.

Usually this takes a long time, but we signed just six months ago and already cocoa farmers are benefiting from the income - I find that remarkable.

RFI: Do any other countries have ambitions to develop cocoa, such as Cameroon or Liberia?

AF: Côte d'Ivoire is the world's leading cocoa producer and the leading exporter of cocoa to Europe - so it's of particular interest to us. We're obviously ready to finance cocoa projects elsewhere, as long as the new European rules apply.

RFI: Have any countries reached out to you?

AF: Cofina and the cooperatives reached out to us for both financing and technical assistance. Thanks to the European Union, we've been able to offer that - and especially enable women to play a bigger role in cocoa production.

This interview has been adapted from the original French by Charlotte Cosset and lightly edited for clarity

RFI website.

Ethiopia: Norway Pledges Continued Support for Ethiopia's Green Development Efforts

Addis Ababa — Norway has announced that it will continue its assistance for the government of Ethiopia's efforts to fight climate change through green development.

Mari Martinsen, adviser of Climate, Environment and Forest at the Norwegian Embassy told ENA that Ethiopia and Norway have maintained a robust relationship in the battle against the effects of climate change, ever since the launch of Climate Resilient Green Economy Strategy in Durban in 2011.

The government of Norway has also been providing supports to civic society organizations and research institutions that are engaged in the protection of climate change and biodiversity in Ethiopia the adviser noted.

The adviser has also commended the efforts being carried out in the protection of biodiversity citing the Green Legacy Initiative.

According to her, the Green Legacy Initiative demonstrates the commitment of Ethiopian government to ensuring green development.

"Green Legacy demonstrates the commitment of Ethiopian government towards green development manifesting the importance of forestry sector as trees are important instruments in helping to tackle the impacts of climate change."

Since climate change poses a threat to biodiversity and future generation's wellbeing, it must receive adequate support from all corners, the adviser underlined.

The adviser also stated that Norway's climate and environment minister made a commitment to fortify its cooperation with the Ethiopian government on climate-related matters until 2030.

" As per this partnership agreement the government of Norway will continue providing support to Ethiopia's efforts to mitigate impacts of climate change, forestry development, and food security," she stated.

The agreement will also allow Ethiopia to tap the financial market of carbon credit and other resources.

She affirmed that Norway's government will continue to assist the development of forests in Ethiopia, pointing out that two of the 36 areas with notable successes in biodiversity protection worldwide are in Ethiopia.- ENA.

Liberia: FAO Liberia and Agriculture Ministry Pledge Support to Farmers in Lofa County

The Food and Agriculture Organization of the United Nations (FAO) Liberia, represented by Bintia Stephen Tchicaya, along with Liberia's Minister of Agriculture, J. Alexander Nutah, embarked on a visit to various farms in Lofa County over the weekend. The objective was to assess the progress made by farmers in advancing Liberia's journey towards food security.

The visit to Lofa followed a significant milestone where Tchicaya and Minister Nutah concluded a two-day event in Gbarnga, Bong County, to validate the National Agriculture Development Plan (NADP), crucial for Liberia's agricultural development and food security.

Invited by the Ministry of Agriculture to participate in the journey to Lofa, FAO Representative Tchicaya seized the opportunity to showcase one of the institution's numerous initiatives supporting agricultural cooperatives in Foya, Lofa County.

Accompanied by their respective delegations, Tchicaya and Minister Nutah visited the Mayor River Women Initiative, a female-dominated farmer cooperative established in 2017 and led by Madam Tewa Blama.

The FAO has been instrumental in supporting this cooperative through the UAE-funded project titled: "Promoting Increased Resilience and Sustainable Income Generation, Food Security and Nutrition for Rural Women (GCP/LIR/028/UAE)." The project provided assistance in the form of improved rice seeds, essential inputs such as power tillers, mini rice harvesters, mini rice threshers, a rice milling machine, and a de-stoner. Furthermore, capacity-building efforts included training in improved crop husbandry practices, business management skills, and the establishment of village savings and loan associations.

In February 2023, a representative from the Mayor River Women Initiative participated in a week-long farmer exchange visit to the Center Songhai in the Republic of Benin, benefiting from valuable insights shared during the exchange.

Expressing gratitude to the farmers during their first encounter, Agriculture Minister Nutah acknowledged the significant contribution of the Mayor River Women Initiative to Liberia's agricultural sector. He assured them that the Ministry of Agriculture is actively working on addressing the challenges faced by farmers in the county.

In a pledge of continued support, FAO Representative Tchicaya commended the initiative of the Mayor River Women Initiative, emphasizing its crucial role in combating food insecurity in Liberia and promoting sustainable food production.

"We are here today to express our appreciation for the outstanding work you do for the people of Liberia. Your contributions as a farming group are commendable, and FAO highly recognizes this. Our support will remain steadfast as we collaborate towards achieving food security in Liberia," added FAO Representative Bintia Tchicaya.

- New Dawn.

Kenya: Lake Turkana Wind Power Picks New CEO

Nairobi — Max Schiff has been appointed as the new Chief Executive Officer of Lake Turkana Wind Power (LTWP).

Schiff will oversee management responsibility for Kenya and Africa's largest wind power plant following the exit of Phylip Leferink, who served for two years during his second term as the company CEO, which ended on March 31, 2024.

"The Board of Directors of Lake Turkana Wind Power (LTWP) is delighted to announce the appointment of Max Schiff as Chief Executive Officer, LTWP, effective April 1 2024," the company said in a statement.

Speaking on the new appointment, Mugo Kibati, Chairman of the Board of Directors of LTWP, stated that Schiff will provide oversight of all business functions within the organization with his extensive experience in the industry, which will ensure LTWP's continued success.

"We are confident that under his leadership, LTWP will reach new heights in injecting clean, reliable, and affordable wind energy into the grid. Its substantial contribution to Kenya's energy supply and sustainable development goals will continue long into the future," said Kibati, the board chairman.

Schiff's 15-year career experience includes senior regional business development and general management roles.

He has also previously managed multiple power projects and companies.

Under his tenure, he oversaw the delivery of improved business units and high-value projects in Tanzania, Zimbabwe, Kenya, Egypt, Malawi, Sudan, and Eritrea.

"Mr. Schiff sees the LTWP CEO position as an opportunity "to strengthen LTWP's ambitions to deliver on its promises with integrity and purpose while setting a positive example as an energy provider and employer that plays a critical role in the Kenyan and regional energy transition," he added.

- Capital FM.

Nigeria: No, Nigerian Governor Babajide Sanwo-Olu Has Not Increased Minimum Wage for Lagos State Workers to N70,000

No, Nigerian governor Babajide Sanwo-Olu has not increased minimum wage for Lagos state workers to N70,000

IN SHORT: Several social media posts claim that the Lagos state governor has increased the minimum wage for civil servants from N35,000 to N75,000. But the posts are misleading.

"Lagos state Governor Sanwo-Olu confirms he has increased the minimum wage from 35,000 Naira to 70,000 Naira for Lagos state workers," reads a post on Facebook.

Babajide Sanwo-Olu is the governor of Lagos state in south-west Nigeria.

The post is accompanied by a video of Sanwo-Olu speaking at the launch of the Eko Cares initiative on 24 April 2024. The initiative aims to ease the burden on communities in Lagos state of the economic crisis.

Nigeria is facing its worst economic crisis in decades, with the rising cost of living leading to protests in some states in February.

Similar posts can be found on Facebook here and here. (Note: See more instances listed at the end of this report.)

But against this backdrop did Sanwo-Olu raise the minimum wage to N70,000 for civil servants? We checked.

Misleading posts

Africa Check found a video of Sanwo-Olu's full speech on the YouTube channel of media house TVC News. In it, Sanwo-Olu did not announce an increase in the minimum wage for state workers. Instead, the state implemented the minimum wage of N35,000 set by the federal government.

This has effectively doubled the income of civil servants from a minimum of N35,000 to around N70,000 and above.

Sanwo-Olu also emphasised the government's commitment to paying the minimum wage allowance since January.

"The civil servants and all public officers know that since January, we have continued to pay the wage allowance of a minimum of N35,000 over and above what they were earning before. People that were earning a minimum of N35,000 to N40,000 before, they are now earning over N70,000. So, it's important for people to know and for us to lay this thing very clearly. This government has doubled up and has not left its citizens on their own," he said.

In a statement issued on 26 April, commissioner for information in Lagos Gbenga Omotoso clarified that the state had not increased the minimum wage.

"The Lagos State Government has not increased the minimum wage, contrary to the impression in some media reports, which emanated from the unveiling of Eko Cares ... He did not announce a new minimum wage of N70,000."

The social media posts suggesting that Sanwo-Olu announced an increase in the minimum wage to N70,000 for Lagos workers are misleading.

Similar posts can be found here, here, here, here, here, here, here, here, here, here, here and here.

Read the original story, with links and other resources.

Africa Check is a non-partisan organisation which promotes accuracy in public debate and in the media. Twitter @AfricaCheck and www.africacheck.org

Uganda: Parliament Passes Record Sh72.130 Trillion Uganda Budget

Kampala — Parliament on Thursday passed a Sh72.130 trillion national budget, up from an earlier proposed total of Sh58 trillion. This is a Sh20 trillion increment from the last financial year budget of Sh52 trillion.

Parliament Watch @pwatchug indicates that, payment of Uganda's public debt commands the lion's share, accounting for over Sh34.017 trillion, that will go towards payment of Uganda's public debt.

The Ministry of Finance is planning to borrow sh28.768 trillion from local commercial banks to fund the Sh72.130 trillion national budget. Government has also increased the amount of money it had earlier planned to borrow from the external market from Sh8.905 trillion to now Sh10.977 trillion, which is a Sh2.071 trillion increment.

Government revised its budget from Sh58.34 trillion to Sh72.12 trillion, hours before Parliament was expected to pass the 2024/25 national budget. Of the Sh14.050 trillion increment, it was indicated that Sh30.95 billion will be payment of emoluments of cultural leaders, while Sh25 billion will go towards capitalization of Vision Group.

Government has also proposed to enhance the UPDF to cater for several items like; Sh172billion for the purchase of food for the soldiers, while Sh230.16 billion will be used for the purchase of equipment for the Army,and Shs214.62Bn will be used for payment of wages and gratuity by the Ministry of Defence and Veteran Affairs.

The Ministry of Finance has earmarked Sh2.221 trillion for the commencement of the construction of Standard Gauge Railway (SGR) and the funds will go towards acquisition of land worth 260 acres in the districts (Tororo -Mayuge), while the funds will also cater for updating the feasibility studies for western and eastern routes and undertaking Environment, Social economic Impact Assessments.

Henry Musasizi, Minister of State for Finance indicated that the revisions to the budget had been authorized by President Yoweri Museveni, with the documents indicating the recurrent expenditure has increased to sh13.502 trillion up from sh11.486 trillion, while the development budget is also expected to increase from sh13.722 trillion to sh15.585 trillion

The late sitting presided over by Speaker Anita Among also saw the end of the Third Session of the 11th Parliament.

The House concluded the Budget process by passing the Appropriation Bill, 2024 at Bill Third Reading.

Opposition MP Ibrahim Ssemujju was critical of the changes.

"At every stage, Minister of Finance Matia Kasaija has presented different and contradictory figures. In the Budget Framework Paper, the first official Budget document to Parliament in December last year, two ceilings (total budget figures); Shs52.722Trn and Shs54.587Trn were provided. When the real Budget was presented on 28th March 2024, it was as if it had been prepared by juvenile senior three commerce students. The Budget (Draft Estimates of Revenue and Expenditure) presented to Parliament totals Shs60.9Trn."

- Independent (Kampala).

Ghana: Soaring Price of Tomatoes Causes a Stir On Social Media

Ranked 10th among 20 items with the highest inflation rates, fresh tomatoes have seen a substantial increase compared to the national inflation rate of 25%.

Tomato prices caused quite a stir on social media just around the time the Ghana Statistical Service (GSS) revealed a staggering 46% inflation rate for the vegetable in its April Consumer Price Index report.

Ranked 10th among 20 items with the highest inflation rates, fresh tomatoes have seen a substantial increase compared to the national inflation rate of 25%.

Although still high, the tomato inflation rate dipped slightly from March's 56.9%, offering a glimmer of hope that the worst may soon be over. However, this spike in tomato prices has significant implications, given that tomatoes constitute 40% of total household vegetable expenditure in Ghana.

Even before the GSS released its April figures, complaints flooded social media platforms like Facebook, with users from various regions lamenting the exorbitant prices of tomatoes. Many shared photos depicting small quantities of tomatoes being sold at premium rates.

The surge in tomato prices has been attributed to a supply shortage, exacerbated by the off-season period. Ghana has had to resort to importing tomatoes from neighboring Burkina Faso, which practices year-round tomato farming. Interestingly, the price of tomatoes can plummet by as much as half during periods of glut. Last August, farmers in Ziope in the Volta Region and other tomato-growing regions in Ghana were compelled to sell their produce at an 80% discount to avoid spoilage.

One of the challenges contributing to this supply-demand imbalance is the difficulty in preserving fresh tomatoes over extended periods. This leads to price fluctuations, with prices dropping significantly during harvest seasons and soaring during off-season periods.

- Accra Times.

Ethiopia: Nation Earns Over 2.5 Billion USD From Export Trade in Nine Months

Addis Ababa — The Ministry of Trade and Regional Integration disclosed that the country has obtained more than 2.5 billion USD in the past nine months of the Ethiopian Fiscal Year.

The ministry revealed that it achieved 2.51 billion USD, which is 70.49 percent against the 3.56 target.

This was achieved by 73.6 percent contribution from the agriculture sector, 51.54 percent manufacturing, 66.53 percent mining, electricity and other products 71.25 percent, the ministry pointed out.

The nation planned to earn 811.13 million USD from oilseeds, grain products, sugarcane, khat, livestock, forestry products and livestock fodder whose export trade is carried out under the supervision of the ministry and secured 699.11 million USD during the state period, according to the ministry.

This achieved 86.19 percent of the plan and showed an increase of 69.88 million USD in revenue compared to 629.23 million in the same period of the 2015 Ethiopian fiscal year.

To further improve the export trade performance of the country focus should be given to the prevention of smuggling and illegal trade as well as digital transactions among others, it added.

- ENA.

Kenya: 6 Nyanza Governors Distance Themselves From Investment Conference

Kisumu — Six Governors in the Nyanza region have distanced themselves from a planned Nyanza International Investment Conference, scheduled to take place next month.

The Governors' Anyang Nyong'o of Kisumu, James Orengo of Siaya, Amos Nyaribo of Nyamira, Simba Arati of Kisii, Gladys Wanga of Homa Bay and Ochilo Ayacko of Migori Counties all said they have been sidelined in the planning of the conference.

The organizers of the conference in an advert in the local dailies, the six Governors' were lined up as speakers in the event that is slated for 28-29th June 2024 at Ciala Resort in Kisumu.

The Governors said they have not been briefed about the upcoming conference and only learnt about their participation in the local dailies.

"We have not received any formal briefing or invitation from the organizers, yet they are portraying us as participation," the disgruntled Governors said in a joint statement.

They objected to the Nyanza Professional Forum's, the organizers of the conference, unilateral decision to associate their names with the upcoming event without their consent.

However, the county bosses agreed that they welcome all partners interested in contributing to the growth of the Nyanza region.

"We have a history of hosting successful investment conferences and collaborating with various stakeholders to drive economic prosperity in the region," they said.

The leaders have challenged the organizers to issue an apology for exploiting their manes and images in promoting the conference without authorization.

As a condition for their participation, the Governors" demanded a transparent communication and inclusion in the planning and execution of the event if they wished for their involvement.

They warned that they will not sit back and watch attempts to undermine devolution through such actions.

"As key players in the development and implementation of devolution in our counties, we find it troubling that their governors are being sidelined in a conference discussing devolved functions," they said.

In the paid up advert, ICT Cabinet Secretary Eliud Owalo and his Education counterpart Ezekiel Machogu as Patrons of the planned conference.

President William Ruto was listed as the Chief Guest who will officially open up the Conference alongside other Cabinet Secretaries and Ambassadors to be key speakers during the event.

The Conference, themed "Nyanza Rising-Towards Economic Transformation for Socio-Economic Growth and Development," aims to address the urgent need for growth and development in the Nyanza region.

The primary purpose of the conference, therefore, is to provide a platform for the region's leaders, professionals and stakeholders at the international, national and local levels to showcase the region's economic potential and present investment opportunities to potential investors.

- Capital FM.

Nigeria, Indonesia Trade Volume Reached $6bn in 2023

The President, Nigerian-Indonesian Chamber of Commerce and Industry (NICCI), Ishmael Adegorioye Balogun, has stated that trade volume between Nigeria and Indonesia has hit over $6 billion in 2023.

He said this at a press conference to announce the Nigeria-Indonesia Investment and Trade Forum (NIITF) scheduled to be held in Kano.

He said trade between both countries increased from $4.7 billion in 2022 to an estimated $6 billion in 2023.

He, however, stated that the vision of NICCI is to promote bilateral trade and investment between Nigeria and Indonesia.

"In performing this task, we position Nigeria as the No.1 investment destination in Africa. Currently, Nigeria is Indonesia's No. 1 trading partner in the continent of Africa with trade balances of 4.7 Billion USD as at 2022," he added

He noted that the board and management of NICCI is very intentional in the continuous promotion and engagement between the two counties either through trade forums, trade fairs, bilateral symposiums and deliberations that continues to create opportunities for interactions and negotiations that promotes both countries bilateral trade and investment balances.

"The purpose of this gathering is to inform the Business community on the upcoming 3rd edition of the Nigerian-Indonesian Investment and Trade Forum taking place on June 3rd at the prestigious Abuja Continental Hotel," he added.

He said the theme for this year's NIITF is "Indonesia meets Nigeria..an opportunity for expansion of Bilateral investment and Trade". The inaugural edition of NIITF was held in Jakarta, Indonesia in October 2022. The former Vice President of Nigeria, Prof. Yemi Osinbajo, SAN was our keynote speaker with several top government and private sector-led executives," he said.

"The 2nd edition was held in Jakarta, Indonesia in October 2023. The executive Governor of Enugu State, His excellency, Dr. Peter Mbah was our keynote speaker with several other high profile delegates from Nigeria and Indonesia.

"This year, we have decided to bring Indonesians to experience Nigeria in its full entirety. To this extent, NICCI has partnered with the Indonesian Embassy in Nigeria under the leadership of the Indonesian ambassador to Nigeria, His excellency, Amb. Dr. Usra Hendra Harahap in collaboration with the Indonesian government through the Ministry of Trade and Foreign Affairs to invite 70 Indonesian companies to Nigeria," he added.

- This Day.

China hits back at US and EU as trade rows deepen

China has launched an anti-dumping probe into imports of a widely used plastic from the US, EU, Taiwan and Japan.

The announcement from the Ministry of Commerce that Imports of polyoxymethylene copolymer -which is used in electronics and cars - is a signal that China will hit back in its trade disputes with the US and Europe.

The announcement comes as China's trade rows with the US and the EU have deepened in recent months.

Less than a week ago, Washington sharply increased tariffs on Chinese goods, including electric vehicles (EVs), solar panels and computer chips.

The new US moves also expanded on sweeping border taxes that were imposed on Chinese goods under the Trump administration.

In response, China's commerce ministry said the new moves would "severely affect the atmosphere for bilateral cooperation", and criticised what it characterised as the politicisation of economic issues.

Ahead of the heavily-trailed White House announcement, a spokesperson for China's foreign ministry said it would "take all necessary measures to safeguard its legitimate rights and interests".

Separately on Monday, China sanctioned three American defence firms over their sales of weapons to Taiwan, state media said.

The announcement that General Atomics Aeronautical Systems, General Dynamics Land Systems, and Boeing Defense, Space & Security are barred from "import and export" business in China came as the self-ruled island inaugurated a new president.

Senior executives of all three companies are banned from entering, working or living in China, the commerce ministry said.

Meanwhile, Europe has launched a series of probes into Chinese imports.

On Friday, the EU said it would launch an investigation into Chinese tinplate steel.

And last month, Brussels said it was probing two Chinese solar panel makers, that it says benefit from government subsidies.

The European Commission (EC), which oversees the EU's trade policies, has also given itself a 4 July deadline to decide whether to impose measures against imports of Chinese-made EVs.-BBC

Boeing boss's $33m pay package approved

Boeing shareholders have signed off on the plane-maker's plan to grant outgoing boss Dave Calhoun a 2023 pay package worth nearly $33m (£25m).

A majority voted in favour of the plan, which had drawn criticism as the company grapples with a crisis sparked by the mid-air blowout of a panel on one of its planes in January.

Such pay votes, held at the company's annual meetings, are not binding.

A breakdown of the vote was not immediately available.

Ahead of the meeting, at least one prominent shareholder advisory group had criticised the plan and it also drew attention from some investors who spoke at the event.

The firm's decision to keep outgoing boss Dave Calhoun on the company's board of directors had raised questions as well, but was also approved.

Mr Calhoun's compensation package included salary of $1.4m (£1.1m) and stock awards worth about $30m (£23m) when granted.

That compared to a package of roughly $22.6m (£17m) in 2022.

In a question-and answer session after the vote, the firm was asked how the compensation for Mr Calhoun and others were "justified" given the severe challenges now facing the company.

New board chairman Steve Mollenkopf said the board had reduced some 2024 awards for executives after the accident and moved swiftly to overhaul the design of its pay incentives.

That included giving product safety the primary weight in determining performance, instead of financial factors - such as cash flow and share price - as had been the case previously, he said.

But both he and Mr Calhoun acknowledged the strains facing the company, some of which Mr Calhoun described as "potentially existential" in nature.

The Alaska Airlines incident revived questions about the firm's manufacturing and safety procedures and has spawned numerous investigations and lawsuits.

Just days ago, the US Department of Justice (DOJ) said it was considering whether to prosecute Boeing over deadly crashes involving its 737 Max aircraft in 2018 and 2019, after determining it had breached a deal that shielded it from criminal charges.

In March, Boeing said Mr Calhoun would step down by the end of the year.

The search for his replacement is a key focus of the company now, Mr Mollenkopf said.

"The months and years ahead are critically important for our company as we take the necessary steps to regain the trust lost in recent times," he said.

In putting the pay package to shareholders earlier this year, the company praised how Mr Calhoun had steered the company through challenges such as Covid since 2020.

It said he had responded to the Alaska Airlines blowout "in the right way".

"The 737 MAX accidents and COVID have combined to create tremendous stress on the Company’s manufacturing operations and supply chain," it said.

"However, the Board believes that Mr. Calhoun’s primary focus on safety, quality and transparency is exactly what Boeing has needed, and continues to need."-BBC

Cuba laments collapse of iconic sugar industry

The men of the Yumuri sugar co-operative in Cuba have worked the cane fields around the city of Cienfuegos since they were old enough to wield a machete.

Cutting cane is all Miguel Guzmán has ever known. He comes from a family of farm hands and started the tough, thankless work as a teenager.

For hundreds of years, sugar was the mainstay of the Cuban economy. It was not just the island's main export but also the cornerstone of another national industry, rum.

Older Cubans remember when the island was essentially built on the backs of families like Mr Guzmán's.

Today, though, he readily admits he has never seen the sugar industry as broken and depressed as it is now - not even when the Soviet Union's lucrative sugar quotas dried up after the Cold War.

Spiralling inflation, shortages of basic goods and the decades-long US economic embargo have made for a dire economic outlook across the board in Cuba. But things are particularly bleak in the sugar trade.

"There's not enough trucks and the fuel shortages mean sometimes several days pass before we can work," says Miguel, waiting in a tiny patch of shade for the Soviet-era lorries to arrive.

The lost hours of harvest as men and machinery lie idle have acutely hurt production levels.

Last season, Cuba's production fell to just 350,000 tonnes of raw sugar, an all-time low for the country, and well below the 1.3 million tonnes recorded in 2019.

Miguel is one of the fastest cutters in his team - or pelotón - recognised by his bosses as among the most efficient in the country. Yet he says he receives no financial incentive for greater production beyond his love of the trade.

"My wages barely buy anything anymore," he says with no hint of exaggeration over the worsening inflation in the country. "But what can we do? Cuba needs the sugar."

It certainly does: Cuba now imports sugar to meet domestic demand - once unthinkable, and a far cry from the glory years when Cuban sugar was the envy of the Caribbean and exported around the world.

Inside Ciudad Caracas, a 19th-Century sugar mill near Cienfuegos, the air is thick with the overpowering smell of molasses.

As obsolete, rusting cogs grind tonnes of sugarcane into pulp and juice, the workers tell me it is one of just two dozen working sugar mills in Cuba.

"That's four more than originally planned for this season, thanks to the hard work and effort of the workers," says Dionis Pérez, communications director of the state-run sugar company, Azcuba. "But the other 29 are at a standstill," he acknowledges.

"It's a disaster. Today the sugar industry in Cuba almost doesn't exist," says Juan Triana of the Centre for Studies of the Cuban Economy in Havana.

The slump in sugar has serious implications for other parts of the Cuban economy, he argues, including on its export earnings from rum. "We're producing the same quantity of sugar Cuba produced in the middle of the 19th Century."

The problems have undoubtedly been worsened by the "maximum pressure" policy brought in by former US President Donald Trump. His administration ratcheted up the trade embargo on the island, a measure later extended by President Joe Biden.

But the issues facing Cuban sugar are not solely the fault of the US embargo.

Years of chronic mismanagement and underinvestment have also wrecked the once-thriving industry. Today, sugar receives less than 3% of state investment as the Cuban government backs tourism as its main economic motor instead.

One man who can still get his hands on enough sugar is Martin Nizarane. Part of a new breed of Cuban private entrepreneurs, his company Clamanta produces yoghurt and ice cream in a factory outside Havana.

As Mr Nizarane shows me sacks of sugar imported in bulk from Colombia, he says he hopes to double production soon.

The business has been hailed by Cuban President Miguel Díaz-Canel as a model for the future.

That praise from the top, to many, amounts to a paradigm shift.

It may still be considered a dirty word by the Cuban state but this is capitalism pure and simple, even if Martin Nizarane displays his revolutionary credentials by adorning his office with photographs of him hugging the late revolutionary leader, Fidel Castro.

Martin Nizarane

Martin Nizarane says he is not given any special privileges whatsoever

I put it to him that only people with close ties to the Cuban Communist Party can own a private business as sophisticated as his.

He was quick to deny it.

"I am not an employee of the Cuban state. This is a non-state form of production which sells to both other non-state entities and state-owned companies," he retorts.

"The state treats me like just another private entrepreneur with no special privileges whatsoever."

Sugar's demise is just one part of Cuba's faltering economy.

On 1 March, amid growing inflation, the government imposed a five-fold price increase on subsidised fuel at the petrol pumps.

It was a difficult but overdue decision, officials said, arguing the government could no longer afford such high subsidies on fuel.

As he queued to fill up his tank on the day the new prices came into force, Manuel Domínguez said he was not convinced.

All he knows is that the measure is hurting drivers like him, and that Cubans are suffering now more than he can ever recall.

"There's no relationship between what we earn and the prices we see - whether that's fuel or food in the shops or anything else."

"There needs to be a correlation between our wages and what things cost because, right now, for the average Cuban, fuel is simply unaffordable."

A few days later, economy and planning minister Alejandro Gil Fernández was arrested for alleged corruption. Some think he has been made a scapegoat for the state of the Cuban economy.

Either way, it was an extraordinary - and very public - fall from grace. But most think it will take much more than one ministerial head to roll to pull Cuba from its economic woes.

Back in the sugarcane fields of Cienfuegos, the cutters carry out their gruelling work with little optimism.

Invariably, when talking about the sugar industry in Cuba, someone will quote the island's famous refrain: "Without sugar, there's no country."

For Cuban economist Juan Triana that idea is being tested to its limit.-BBC

 Invest Wisely!

Bulls n Bears 

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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.

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