Major International Business Headlines Brief::: 21 May 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  21 May 2024 

 


                                                                                  

 

	
 


 

 


 

ü  Uganda: Cost of Living Expected to Bite Harder

ü  Nigeria: Food Security - Zenith Energy Enzymes Launches 'Home Farming for All' Kits

ü  Nigeria: Reps Threaten to Block Agencies Accounts Over Revenue Profile, Non-Remittance

ü  Nigeria: Bonny Gas Charters Eco-Friendly New-Build Vessel, Aktoras

ü  Nigeria: Policies to Boost Industrialisation, Tackle Unemployment Developed - Minister

ü  Nigeria's Cocoa Export Accounted for 29% of Total Agric Export in 2023 - Kyari

ü  Nigeria: Police Brutality Triggers Protest in Imo Oil-Producing Community

ü  Nigeria: Chief Justice Warns Over Poor Salary for Judges

ü  South Africa: Last Four Traders At Salt River Market to Fight Their Eviction

ü  Kenya: Tax Hike Is Economic Miscalculation, KAM Tells Ruto

ü  Kenya's Economy Grows 5.6 Percent Driven By Agricultural Recovery

ü  Nigeria: CBN Withdraws Circular On 0.5 Percent Cybersecurity Levy

ü  BMW and Jaguar used banned China parts - US probe

ü  People want 'dumbphones'. Will companies make them?

ü  Ryanair sees rises in air fares easing over summer

 

 


 

 


 <https://www.cloverleaf.co.zw/> Uganda: Cost of Living Expected to Bite Harder

Fears are high that the cost of living in Kampala may overwhelm urban dwellers are high following an increase in prices of food and other basic necessities.

 

Vendors in fresh food markets report increases in price that suspect may not return to the lows they were at a month back, due to an expected increase in the price of petroleum products.

 

Survival in Uganda's capital Kampala is slightly getting uncomfortable for many city dwellers

 

Even when assume that the cost of housing and other expenses remain static, just like the living wage of an ordinary person, the cost of living is increasing by the day ... starting from as small as a meal .

 

 

In Nakasero Market ,prices of essential commodities and fresh food have been on a steady rise since last month.

 

Prices of beans have increased from shs3500and shs4000 last month to between shs4500 and shs5000 currently .

 

Since more cooking gas or charcoal would be required to prepare beans , the default choice for urban dwellers is meat.

 

Even those who sell it are decrying the high prices at the abattoirs.

 

"We have not yet increased the meat price per kilogram yet at we also get it at a high price .That is why our prices remain at shs15,000 per kilo," Ali Makumbi, a butcher says.

 

Just a few metres away from Makumbi's butchery , is Shamirah Bashir who sells chicken

 

She says that off -layers and broilers have seen an increase in price.

 

" We have been purchasing off-layers at shs20,000 and selling them for shs23,000 , but now , we buy them at shs23, 000 to sell them at shs25, 000 ."

 

She added that " Broilers that previously went for shs15,000 now go for shs17, 000."

 

Spices like onions and tomatoes are dramatically increasing in price as a box of tomatoes that previously went for between shs650,000 and shs700,000 now goes for shs800,000.

 

Vendors say that with the shs100 excise duty tax per litre prices may keep going up further tightening the noose on your pockets.

 

- Nile Post.

 

 

 

 

Nigeria: Food Security - Zenith Energy Enzymes Launches 'Home Farming for All' Kits

An eco-conscious organisation, Zenith Energy Enzymes, has launched the "Home Farming For All" kits for members of Ekiti/Isin/Irepodun/Oke-Ero constituency in Kwara.

 

At the launch of the kits distribution exercise in Omu-Aran, the managing director, Zenith Energy Enzymes, Edith Anekwe said the vision of the programme was to ensure food security and food sufficiency in Kwara and Nigeria at large.

 

Anekwe said the programme which is the first of its kind in the country was in tandem with the programme of the present administration of President Bola Tinubu to declare a state of emergency on food security.

 

 

She said home farming would also help people allay the fears of attack by herdsmen by deserting the farms which led to high cost of foods.

 

"At the inception of this administration, the President said he will declare a state of emergency on food security and the First Lady, Remi Tinubu, also launched a home farming programme that is bringing everyone to embrace home farming.

 

"So in pursuance of this, we decided to package a kit that can enhance the programme of the present administration by helping every household to be able to grow what they eat.

 

"The kit contains organic fertilisers, seeds and feeds that can be planted within the comfort of your homes inside sacks, buckets etc

 

"When everyone starts farming, the price of food drops automatically," Anekwe said.

 

She however noted that 1000 extension officers will be employed by the organisation in the state, to train people on how to engage in home farming successfully.

 

 

Hon. Raheem Olawuyi, member, Federal House of Representative representing Ekiti/Isin/Irepodun/Oke-Ero, who facilitated the programme said the initiative aimed to address the pressing issue of high food costs.

 

He said this can only be achieved by promoting self-sufficiency in food production within our constituency.

 

"Today, we gather to embark on a journey that will not only alleviate the burden of food expenses but also empower our community members to take control of their food security.

 

"Through this programme, we envision a future where every household can produce its own food, ensuring sustainability and resilience against economic challenges," Hon. Olawuyi said.

 

He added that the programme was in line with president Tinubu's Renewed Hope agenda, which emphasises agricultural

 

development as a cornerstone for national growth and self-reliance.

 

"By fostering home farming, we are contributing to the broader vision of a prosperous and self-sufficient Nigeria," the lawmaker said.

 

He commended Gov. Abdulrahman Abdulrazaq for his commitment to agricultural development and being instrumental in making the programme a reality in alignment with his vision for Kwara.

 

Chairman of All Farmers Association of Nigeria (AFAN) Kwara Chapter, Umar Mahmud, said the programme was a laudable one targeted at farmers who formed the majority population in the state.

 

Kwara deputy governor, Kayode Alabi commended the lawmaker for ensuring his constituency was the first beneficiary of the laudable initiative amongst all constituencies.

 

The deputy governor, represented by the Special Assistant, Political, Femi Whyte urged the prospective recipients of the kits to make judicious use of them.

 

There was a symbolic presentation of the organic kits to farmers in the constituency.

 

Zenith Energy Enzymes is an eco-conscious company providing cutting-edge Enzyme-based products globally.

 

Founded in 2003, the company manufactures a wide range of non-toxic products that are suitable for humans, soil, water, crops, lawns, livestock, oil fields, and industrial waste treatment.

 

- Leadership.

 

 

 

 

Nigeria: Reps Threaten to Block Agencies Accounts Over Revenue Profile, Non-Remittance

The House of Representatives Committee on Finance has threatened to order the Accountant General of the Federation to block the accounts of government agencies that have refused to disclose their revenue or failed to remit accurate revenue due to the government.

 

The Deputy Chairman of the Committee, Rep. Sa'idu Musa Abdullahi (APC, Niger), issued the warning at the resumed quarterly meeting with revenue generation agencies on Monday.

 

He berated some of the agencies over their refusal to appear before the committee despite invitations extended to them.

 

Rep. Abdullahi lamented that, out of eight agencies that were invited to appear before the committee on Monday, only two - the Financial Reporting Council of Nigeria and National Health Insurance Authority - came.

 

 

According to him, while two others applied to be given another date, the Lagos International Trade Fair Complex, National Broadcasting Commission, National Examination Council and National Inland Waterways Authority failed to either honour the invitation or communicate to the committee.

 

"We expect them to cause appearance by tomorrow, Tuesday. If they fail to appear before this committee, we may be forced to take appropriate actions. We may write to the Office of the Accountant General to block their accounts.

 

"We will not take it lightly with any agency because this is an assignment that is very important to this country. We talk about revenue and if we cannot collect the revenue accruing to his country, I think there is a big problem."

 

 

Earlier, the Director of Finance and Accounts with the Financial Reporting Council of Nigeria, Musa K. Jemaku, faulted the claim by the Office of the Accountant General that they have not paid their operating surplus for three years (2019-2021).

 

A representative of the Office of the Accountant General had earlier stated that the FRC has not remitted its operating surplus for 2019 (N126 million), 2020 (N143 million) and 2021 (N26 million) to government coffers, adding that the operating surplus for 2021 had not been fully calculated because the agency had not submitted its audited accounts for 2021.

 

However, Jemaku told the committee that the agency has paid about N800 million to the government this year, countering the claim by the AGF's office that they only paid about N602 million to the government's coffers.

 

According to him, there was a circular from the office of the Minister of Finance for the implementation of the Finance Act 2020, which automated the process of paying the 50 per cent deduction.

 

"The AGF should be in a better position to answer the question on why the system could not deduct the correct 50 per cent for the period," he added.

 

- Daily Trust.

 

 

 

 

Nigeria: Bonny Gas Charters Eco-Friendly New-Build Vessel, Aktoras

Bonny Gas Transport Limited (BGT), a subsidiary of Nigeria LNG Limited (NLNG), has chartered a new-build vessel, AKTORAS, in a strategic move to diversify and reduce the carbon footprint of its shipping portfolio.

 

BGT was founded in 1989 to provide shipping capacity to NLNG's operations and has been instrumental in solidifying NLNG's reputation as a major LNG supplier on the global stage.

 

The newly chartered vessel, AKTORAS, owned by Capital Gas Limited, symbolises a pivotal addition to BGT's fleet, leased under a Bareboat Charter arrangement.

 

 

The vessel is equipped with MEGA propulsion systems that reduce emissions and increase efficiency. It is a 174,000 m3 capacity class LNG carrier, with a length of 299.6 metres, breadth (moulded) of 46.40 metres and deadweight of 81,194 tonnes.

 

At a ceremonial ship naming event on Friday at the Hyundai Samho Heavy Industries shipyard in Mokpo, South Korea, Mrs Olu Verheijen, Special Adviser to Nigerian President on Energy, christened the vessel as the Sponsor Lady and Godmother, signalling the formal launch of the vessel that will carry LNG from NLNG's Bonny Terminal to customers around the world.

 

The event was graced by Ambassador Ferdinard Nwonye, the Nigerian Head of Mission at the Nigeria Embassy in South Korea; Dr Philip Mshelbila, BGT's Executive Vice President and NLNG's Managing Director and Chief Executive Officer; Mr Olakunle Osobu, NLNG's Deputy Managing Director; and Mr Abdulkadir Ahmed, Managing Director and Chief Executive Officer of NLNG Shipping and Marine Services Limited (NSML).

 

In his commemorative remark, Dr Mshelbila, hailed the charter of AKTORAS as a transformative stride towards decarbonisation and a sustainable future.

 

- Daily Trust.

 

 

 

 

Nigeria: Policies to Boost Industrialisation, Tackle Unemployment Developed - Minister

The Minister of Innovation, Science and Technology, Dr Uche Nnaji, has said policies and programmes that will harness innovation and tackle challenges of insecurity, poverty and unemployment in the nation have been developed by his ministry.

 

The minister said the policies are a part of measures towards building and developing the technology industry in the country, upon which the federal government through the Federal Institute of Industrial Research Oshodi (FIIRO) has developed 250 innovative technology researches.

 

Speaking at the commissioning of the North Central administrative office and modern analytical laboratory in Langtang North Local Government Area of Plateau State, he said Nigeria's transformation towards viable science and technology is a major tool of nation building.

 

 

He said they will ensure a brighter future by embracing innovation and industrialisation that will lead to productivity.

 

He pointed out that with the removal of fuel subsidy, the initiative will promote indigenous industrialisation and commercialisation through the organised technology and innovation with inventors' potential.

 

On his part, the Director General and Chief Executive Officer of FIIRO, Dr Jummai Adamu, said the core mandate of the institute is to be the foremost centre for research and development for industrialisation and socio-economic development of the people.

 

"We established the zonal office in Langtang because we found out that Langtang is the centre where there are huge resources yet untapped. So, we decided that our agency should be here so that we can tap all the available resources in Langtang and use them for export, as well as help our youths and women to be self-sufficient," she said.

 

In her remarks, a former member representing Langtang North and South at the National Assembly Hon. Beni Lar, who was the facilitator of the project, revealed that the project was conceptualised by the late former Minister of Science and Technology, Dr Ogbonnaya Onu, who discovered that Langtang and entire Plateau is blessed with huge potential which necessitated the citing of FIIRO office.

 

- Daily Trust.

 

 

 

 

Nigeria's Cocoa Export Accounted for 29% of Total Agric Export in 2023 - Kyari

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, has stated that Nigeria's coca export accounted for 29 per cent of total agricultural export valued at N1.24 trillion in 2023.

 

According to him, cocoa also represented 5.6 per cent of total non-oil exports recorded in 2023.

 

Kyari stated this during a courtesy visit by the National Cocoa Management Committee (NCMC) in Abuja.

 

He stated that in January 2024, a tonne of cocoa bean was valued at N1.8 million while it is being valued at N11.2million per tonne presently in the Nigerian market.

 

 

"This implies that cocoa development in Nigeria is economically viable for investment both locally and internationally," he said.

 

He however stated that NCMC is also to guarantee quality, transparency and sustainability in the cocoa value chain, maintaining that the establishment of NCMC is premised on the importance of cocoa to the economy of Nigeria.

 

"It is on record that Nigeria generated N356.16 billion worth of cocoa beans and its allied products in 2023 which makes it the highest agricultural contributor to the GDP," he stressed.

 

"I was made to understand that the NCMC is in a good position to implement the National Cocoa Plan being championed by both Federal Ministries of Agriculture & Food Security and Industry, Trade and Investment. This is with a view to boosting the production of Cocoa and for Nigeria to take its rightful place in the league of Cocoa producing countries in the world," he noted.

 

 

On the issue of the European Union Deforestation Regulation (EUDR) threats to Nigerian cocoa, he pledged the commitment of the Ministry to support the European Union (EU) to embark on the assessment as was done for other cocoa producing countries

 

"Also, it is noteworthy that the African Development Fund (AFDB) has funds to support the development of cocoa in Nigeria as mentioned by the NCMC Chairman. Therefore, this Ministry will work through the NCMC to access this fund for the development of the Cocoa sector and the implementation of the National Cocoa Plan (2023-2032)," he assured.

 

"I therefore urge this all-important noble Committee to put all hands-on deck to champion the way forward for Nigerian cocoa thereby achieving all set objectives of NCMC," he implored.

 

Speaking on the brief on NCMC, the Chairman NCMC and Director, Federal Department of Agriculture, Federal Ministry of Agriculture and Food Security, Engr. Abdullahi Abubakar, said the Minister of Agriculture and Food Security approved the establishment of the National Cocoa Management Committee (NCMC), a national coordinating body expected to guarantee quality, traceability, transparency, and sustainability in Cocoa Value Chain on 2nd August 2022 for the purpose of developing a framework for the regulation and monitoring of Cocoa sector's activities.

 

He added that the NCMC at their inaugural meeting came up with a draft bill for the establishment of the National Cocoa Management Board/Commission for the management of cocoa value chain in the country.

 

"The NCMC shall establish a data bank for all Multinational Companies and Exporters of Cocoa Beans from Nigerian Ports," he stated

 

On the achievements recorded so far, he said NCMC has been able to bring together relevant stakeholders towards chatting a new direction for the cocoa sector and has held three previous meetings out of which two were sponsored by Outspan Nigeria Limited and Traceability and Resilience in Agriculture & Ecosystem (TRACE) project respectively. In view of the funding challenge of NCMC, we seek the support of HMA towards funding of the Committee activities.

 

"NCMC has enabled a proper coordination within the cocoa industry which was lacking due to non-regulation of the cocoa sector in Nigeria, unlike Ghana with full regulation while Cote d'Ivoire has partial regulation," he averred.

 

He also pointed out the need for the implementation of the 10 year National Cocoa Plan (2023-2032) by the NCMC.

 

- This Day.

 

 

 

 

Nigeria: Police Brutality Triggers Protest in Imo Oil-Producing Community

Owerri — Police brutality yesterday triggered off protest by women in the oil-producing area of Ohaji Egbema Local Government Area of Imo State.

 

The women, numbering over 500 stormed the street with placards, appealing to the federal government and Inspector General of Police(IG) to intervene and call the recalcitrant officers to order

 

They alleged that there had been consistent police brutality in their communities and their sons have all fled their homes.

 

Spokesperson of the protesters and women leader in the area, Mrs Anwulika Omogo, told newsmen that the police team brutalising the communities is led by one Inspector Okeabatta Chika (Alias Kill and Bury) a member of the disbanded SARS police unit

 

 

The women alleged that Chika had recruited unknown state actors including militia groups around Egbema axis which frequently go on rampage attacking, killing, arresting innocent and law abiding residents of the community whom he labels with criminal charges.

 

"Most recent is the arrest of the President General (PG) of the community, Pastor Noble Chinedu Omogo, who was detained in Kill and Burt's illegal cell at former NDDC hospital in Mmahu for three days without investigation.

 

"The inspector boasts that he is not answerable to both the Area Commander, DPO or any other police authority, as he is now police Traditional Ruler of Egbema.

 

"Egbema is a peaceful oil producing Community and we want government to intervene in this issue before it would degenerate and instigate children to retaliate."

 

Also speaking, Mrs Love Nzeoma said that the community does not want what happened in Delta to happen to them.

 

"We do not want our children to go on self-defence because they have been pushed to the wall. Any action they take may affect so many other lives and government installations.

 

"We respect the law but we can no longer afford to keep quiet while our children are being killed daily or frivolous charges," she said.

 

Some of the placards read: 'Police brutality must stop," "We are tired of Kill and Bury." "Kill and Bury stop killing innocent souls." "Kill and Bury allow us to sleep in peace in our community."

 

When contacted, the Imo State Police Public Relations Officer, PPRO, Mr Henry Okoye, said he is yet to be briefed on the development.

 

- This Day.

 

 

 

 

Nigeria: Chief Justice Warns Over Poor Salary for Judges

The Chief Justice of Nigeria (CJN), Olukayode Ariwoola, has said Nigerians will continue to suffer from the nation's judiciary system until salaries, allowances and official benefits of judges are increased.

 

He pointed out that the last time their salaries were increased was 17 years ago despite the depreciation in the value of the currency, causing them to live under harsh economic conditions.

 

The CJN made these comments yesterday at a public hearing organised by the Senate Committee on Judiciary, Human Rights and Legal Matters on 'A bill to Prescribe the Salaries Allowances and Fringe Benefits of Judicial Officers.'

 

 

He said, "When judges are well compensated, yes, they do their best, but actually, as clearly demonstrated, the real interest that is being looked at is the interest of these citizens, because they will be the ones who suffer the consequences of a deprived judiciary."

 

Ariwoola, while analysing salaries of Nigerian judges, equated it to a patient at intensive care unit (ICU) of a hospital who needs serious medical attention.

 

"Distinguished senators, in a nutshell, what we are saying is this: the situation of judges across Nigeria is like one in a critical condition in the ICU. The schedule to the bill would stabilise the patient. When a patient is in that condition, you don't start physiotherapy at the ICU; you make sure he is stabilised, move to the general ward, gain some strength, and then you now look at physiotherapy and all other therapists."

 

The CJN seemed to suggest that after the issue of judges' salaries is addressed, then attention will shift to other judiciary workers.

 

 

"In fact, our starting point will now be a reference to the chairman's very own observation. But for now, let's stabilise the patient, move him out of ICU and then we can talk about the rest later," he said.

 

Meanwhile, in an interview on Channels Television's public affairs programme, 'Politics Today,' yesterday, former Nigeria Human Rights Commission boss, Prof Chidi Odinkalu, pointed out that hiking the salaries of judges and ignoring other judicial officers would breed discontent among the staff which could lead to industrial strife and shutdowns that will paralyse the system.

 

The CJN, who was represented by Justice Kashim Zannah, the chief judge of Borno State, said, "The salaries were last reviewed in the year 2007. It has been 17 years earning the same amount despite the tumultuous depreciation in purchasing power, while other sectors have theirs reviewed several times over the period.

 

 

"Judicial officers have been in silence. As a simple illustration, the exchange rate of the US dollar was N130.25 at the time the salary was fixed in 2007, and this exchange rate can be found on page eleven of the June 2009 Revenue Mobilisation Allocation and Fiscal Commission review report; that was the exchange rate as of the time it was fixed.

 

"Therefore, as of 2007 when the salaries were fixed, for example, Ajali's monthly gross pay before tax N661,738, divided by N130.25 it equals $5,080.000. Today, if divided by just N1,500, it is $441.

 

"A salary of $5,080.000 has now dwindled to $441 only when it was fixed. In today's terms, the value is equal to N7,000,600, 278.9," he added.

 

He said the bill on the floor prescribes N3 million, when it should be N7.6 million.

 

He went on: "By the historic instrumentality of the 10th National Assembly and the noted and unequalled disposition of Mr. President to enhance the administration of justice, the current appropriation law captures an anticipated equivalent of the above example at a gross monthly salary of N3.2 million.

 

"Now, notwithstanding the foregoing, we note with profound appreciation to the RMAFC that the bill on the floor is still structurally and conceptually a marked improvement that foretells a future of fair and just compensation for judicial work in this country."

 

According to him, great effort was made to move from generic public officer compensation principles to include an acknowledgement of the peculiarities of judicial office.

 

He lamented that judges across Nigeria had endured 17 years of naira depreciation and consequent deprivation.

 

In this presentation, the attorney-general of the federation and minister of justice, Lateef Fagbemi (SAN) said the efforts to improve the remuneration of judicial officers has a chequered history.

 

He stated that sometime in July 2023, the National Judicial Council forwarded a Proposed Review of Consolidated Salaries and Allowances for Judicial Officers for consideration by the president, with the NJC proposal a revision of the remuneration package earlier proposed by Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), which was not consummated before the end of the previous administration.

 

Fagbemi said, "The instant NJC's proposal for a 300 percent increase was informed by: prevailing economic realities of increasing headline and core inflationary trends. It can go a long way in putting in place an enabling working environment that engenders professional development and efficiency for judicial officers."

 

 

He expressed the readiness of President Bola Tinubu to respond positively on matters of improving welfare and standards in the judiciary, and promoting capacity, independence and confidence in the Nigerian judiciary, which informed his recommendation of the NJC proposal for the president's consideration on 19th October, 2023.

 

"On 20th October 2023, the president granted an unprecedented approval of a 300 percent increment in the remuneration of judicial officers. Consequently, the president directed RMAFC to review its previous May 2023 recommendation to reflect the NJC proposal.

 

"This culminated in the present Executive Bill that was forwarded to the National Assembly in furtherance of a cardinal part of the President's Renewed Hope for a Better Nigeria which is deepening Judicial Reforms to promote sustainable socio-economic growth.

 

"I wish to remark that the Judicial Office Holders (Salaries and Allowances, etc) Bill 2024 is quite innovative; aside from the increment in the basic salary, it also took cognizance of certain peculiarities of the administrative structure and operation of the judiciary.

 

"This Bill will birth an appropriate and commensurate remuneration that will ensure judicial independence and integrity," Fagbemi said.

 

On his part, the minister of finance and coordinating minister of the economy, Wale Edun, said the present administration is making an attempt to improve the lot of the judiciary.

 

The chairman, Senate Committee on Judiciary, Tahir Monguno in his welcome address said it is their responsibility to ensure that the Nigerian Judiciary is equipped with the resources and support it needs to function effectively and efficiently.

 

"By increasing the salaries and allowances of Judicial officers, we would be demonstrating our commitment to strengthening the independence and integrity of the Judiciary, and sending a clear message that we value their vital role in our democratic system," he said.

 

According to him, if the bill is passed, it will not only improve the living standards of judicial officers, but also enhance the overall quality of the Justice system, boost public confidence, and contribute to the long-term stability and prosperity of the nation.

 

- Leadership.

 

 

 

South Africa: Last Four Traders At Salt River Market to Fight Their Eviction

Owners of the last four businesses operating at the historic Salt River market in Cape Town say they will contest their eviction in court. The site is to be used for the development of affordable housing.

 

When GroundUp visited the market in 2022, there were 17 businesses.

 

In 2022, Mayor Geordin Hill-Lewis announced that the City of Cape Town had tabled the release of land for two major social housing projects which included the development and construction of the Salt River Market precinct.

 

 

Mayco Member for Human Settlements Carl Pophaim said the development is expected to provide 1,000 homes: 300 social housing units, 700 affordable housing units, "and many opportunities for small businesses".

 

He said the development is expected to cost about R700-million.

 

Pophaim said only fresh produce traders will be accommodated in the development.

 

"This is in line with the historical context of the market," he said.

 

In a letter sent to other businesses on 26 July 2023, the City told the owners to vacate the premises by 26 October 2023. The City said it would not provide them with alternative premises and advised them to do so on their own.

 

Some left, but others stayed. The City has since issued them with an eviction notice. But the traders have contested it and the matter will be heard in court in June.

 

 

Pophaim said construction was expected to begin in July, but it could be delayed if the remaining traders do not leave.

 

When GroundUp visited the market on Tuesday, most of the shops were closed. Some had their windows boarded up and some traders were moving their goods.

 

Sashen Padayachi, who runs an automotive business, said he had to lay off four employees. He works alone now.

 

"Because of the uncertainty over our premises, I had to let all of them go. I would rather they find a different job than sit and wait around and possibly lose their jobs," he said.

 

Padayachi said he had spent the last two years looking for alternative premises big enough to accommodate several vehicles but without success.

 

 

"We don't have an objection to the development or to moving, because we know that the City is doing something good. But you can't take bread and butter from one person and put them on the street to give others bread and butter," said Padayachi.

 

Arthur de Bruyn, who runs a catering business for ships at Cape Town harbour with his wife Bonita, said the traders didn't expect to win in court. "But we might just prolong our efforts to stay here because some people still don't know where they are going."

 

Their business has been operating from the market since 2003.

 

"The writing is on the wall for all of us, except for the fruit and veg traders. They have been offered alternative accommodation in the hall across from the market," he said.

 

"Currently, we deliver from here to the harbour which is about five minutes away depending on the traffic. So, our expenses are going to increase," he said.

 

Bonita De Bruyn said although she supports the development, "the City should have at least offered us alternative rental space."

 

"These talks have been in the works for nearly eight years. But there was one obstacle after the other ... Nothing happened and it went quiet for years. But now it's picked up momentum and we can see that this is going to happen," said De Bruyn.

 

De Bruyn said she and the traders who have already left are considering hosting a farewell. "It's been really difficult. We've built really good relationships with other traders over the years and they've become our friends. But it's the end of an era."

 

The families living in the 21 former horse stables next to the Salt River Market will also need to move before construction begins.

 

The informal settlement, called the "Stables" or "Stalle", is situated on City-owned land.

 

Pophaim said the families there had been told they would have to move and they were cooperating. The City was identifying land for them to move to. The time frame for relocating the families, Pophaim said, will depend on the City securing land.

 

- GroundUp.

 

 

 

 

Kenya: Tax Hike Is Economic Miscalculation, KAM Tells Ruto

The Kenya Association of Manufacturers (KAM) has issued a stark warning about the proposed 25 percent excise duty on vegetable oils in the Finance Bill 2024, highlighting potential widespread economic and social repercussions.

 

KAM's Edible Oil Sub Sector has urgently called on policymakers to reconsider the tax, which would apply to both raw materials and refined cooking oils.

 

The group argues that such a measure could significantly inflate the cost of cooking oil, a staple in Kenyan households, by as much as 80 percent.

 

 

This increase could render cooking oil unaffordable for millions of Kenyans, particularly affecting low-income earners and small-scale traders.

 

Cooking oil's role in everyday food items means the proposed excise duty would trigger a cascading effect on prices.

 

KAM projects the cost of a standard loaf of bread (400g) would rise from Kshs 70 to Ksh80.

 

Other essential products would also see significant price hikes, with long bar soap potentially increasing from Ksh180 to Kshs 270, and margarine (250g) from Ksh 160 to Ksh300.

 

KAM warned that such price increases would disproportionately impact the most vulnerable, exacerbating the already high cost of living and pushing millions deeper into financial distress.

 

The proposed tax could undermine the government's efforts to promote local value addition in agribusiness and hinder the growth of domestic edible oil production.

 

The edible oils sector is a key part of Kenya's economy, directly employing approximately 10,000 individuals and indirectly supporting over 30,000 jobs.

 

The new tax could jeopardide these livelihoods and destabilise the broader manufacturing industry.

 

KAM is urging the government to scrap the proposed 25 percent excise duty on vegetable oils, describing it as an economic miscalculation with potentially severe humanitarian consequences.

 

"We cannot afford to implement a tax that could lead to a humanitarian crisis," KAM stated.

 

- Business Day Africa.

 

 

 

 

Kenya's Economy Grows 5.6 Percent Driven By Agricultural Recovery

Kenya's economy grew by 5.6 percent in 2023, driven by a seven percent expansion in the agriculture sector, according to the head of the national statistics office.

 

The Kenya National Bureau of Statistics (KNBS) attributed the robust agricultural growth, which accounts for a quarter of the economy, to sector reforms and government subsidies that made farm inputs more accessible to farmers.

 

This marks a recovery from two consecutive years of contraction in agriculture, previously shrinking by 2.3 percent .

 

Increased production of milk, sugarcane, tea, and horticultural produce contributed significantly to the sector's rebound.

 

Good rains and affordable farming inputs were pivotal in the sector's recovery, boosting Kenya's agriculture-reliant economy.

 

Tourism, another crucial sector, saw visitor arrivals surpass pre-pandemic levels, reaching 2.087 million in 2023, up from 2.035 million previously, according to KNBS Director General Macdonald Obudho.

 

The manufacturing sector experienced sluggish growth of 2.7 percent in 2023, down from 3.7 percent in 2022.

 

Real estate emerged as the second-largest contributor to the economy at 13.3 percent .

 

The number of housing units completed under the government backed affordable housing programme increased to 3,357, up from 1,390.

 

Expenditure on housing rose to Ksh92.5 billion in the 2023/24 financial year, up from Ksh9.1 billion the previous year.

 

- Business Day Africa.

 

 

 

Nigeria: CBN Withdraws Circular On 0.5 Percent Cybersecurity Levy

The CBN stated that the previous directive had been withdrawn.

 

The Central Bank of Nigeria (CBN) has withdrawn its circular to banks and payment service providers to collect and remit the cybersecurity levy proposed in the Cybercrime Prevention and Prohibition Amendment Act of 2024.

 

This was announced in a revised circular dated 17 May, which was released by the CBN on Monday. The circular was signed by Chibuzor Efobi, Director of Payment Systems Management, and Haruna Mustafa, Director of Financial Policy and Regulation.

 

Addressed to commercial banks, payment service providers, non-interest banks, and others, stated that the previous, the circular stated that the previous directive had been withdrawn.

 

 

The withdrawal follows the decision of the Federal Executive Council (FEC) at its last meeting to suspend the levy as it has generated public outcry.

 

"The position of the government is that the policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review.

 

"So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government," the Minister of Information and National Orientation, Mohammed Idris said after the meeting.

 

Background

 

The CBN had earlier issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, indicating that the levy would come into effect two weeks from 6 May.

 

 

"The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer's account with the narration, 'Cybersecurity Levy'.

 

"Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month," the directive read in part.

 

The directive sparked a nationwide outcry from Nigerians, who expressed their dissatisfaction and highlighted that banking transactions are becoming increasingly costly due to numerous charges.

 

The Socio-Economic Rights and Accountability Project (SERAP) and the Nigeria Labour Congress had also called for the withdrawal of the directive.

 

 

The Nigerian Economic Summit Group, amongst others, also urged the federal government to reconsider the levy due to concerns over multiple taxation and inflationary pressures burdening Nigerians.

 

The Nigerian government, on 15 May, announced the suspension of the proposed cybersecurity levy following widespread public outcry.

 

The Central Bank of Nigeria (CBN) had earlier issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, announcing the 0.5% cybersecurity levy.

 

The Minister of Information and National Orientation, Mohammed Idris, made the announcement while briefing State House Correspondents after the Federal Executive Council (FEC) meeting in Abuja on Tuesday.

 

The Minister of Information and National Orientation, Mohammed Idris, made the announcement while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.

 

He stated that the policy had been put on hold and is undergoing review.

 

"The position of the government is that the policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review," the minister said.

 

The decision to suspend the cybersecurity levy came in response to concerns raised by various stakeholders regarding its timing and potential impact on Nigerians.

 

The minister emphasised that the matter was discussed during the FEC meeting and will continue to be reviewed in subsequent sessions.

 

"So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government," the minister said.

 

The announcement brings temporary relief to Nigerian households and businesses who were apprehensive about the implications of the levy.

 

- Premium Times.

 

 

 

BMW and Jaguar used banned China parts - US probe

Thousands of Mini Coopers were imported into the US with components from banned Chinese firm

BMW, Jaguar Land Rover (JLR) and Volkswagen (VW) used parts made by a supplier on a list of firms banned over alleged links to Chinese forced labour, a US congressional report has said.

 

At least 8,000 BMW Mini Cooper cars were imported into the US with components from banned Chinese firm Sichuan Jingweida Technology Group (JWD), according to the report by Senate Finance Committee Chairman Ron Wyden's staff.

 

"Automakers’ self-policing is clearly not doing the job," the Democrat Senator said.

 

Jaguar Land Rover told the BBC it "takes human rights and forced labour issues seriously and has an active ongoing programme of human rights protection and anti-slavery measures".

 

BMW and VW did not immediately respond to requests for comment.

 

Mr Wyden also urged the US Customs and Border Protection agency to "supercharge enforcement and crack down on companies that fuel the shameful use of forced labour in China."

 

The report added Jaguar Land Rover had imported spare parts which included components from JWD after the company was put on the banned list.

 

JLR said it has now identified and is destroying any stock it holds around the world that include this component.

 

In February, VW said thousands of its vehicles, including Porshes and Bentleys, had been held by authorities because they had a component in them that breached America's anti-forced labour laws.

 

VW had voluntarily informed customs officials about the issue, the report said.

 

Congress passed the Uyghur Forced Labor Prevention Act (UFLPA) law in 2021.

 

The legislation is intended to prevent the import of goods from China's north-western Xinjiang region that are believed to have been made by people from the Uyghur minority group in forced labour conditions.

 

JWD was added to the UFLPA Entity List in December 2023, which means its products are presumed to be made with forced labour.

 

China has been accused of detaining more than one million Uyghurs in Xinjiang against their will over the past few years.

 

Authorities have denied all allegations of human rights abuses in Xinjiang.-BBC

 

 

 

 

People want 'dumbphones'. Will companies make them?

Self-labelled neo-Luddites and the tech-stressed are searching for phones with fewer features. Industry experts cite precarious profit margins and a wobbly market around this niche need.

 

The iPhone turns 17 this year. The launch of the touchscreen-controlled device signalled a moment that has defined our expectations of smartphones ever since. Almost an entire generation has grown up never knowing life without a smartphone. Enough time has passed that people have learnt about the good and bad of these devices in their lives, whether from myriad scientific studies, or simply their own experiences.

 

Many people are now acutely aware of the costs of having the world at their fingertips. And they're rejecting the ways these phones can sap concentration, impact sleep and exacerbate mental health concerns.

 

There are plenty of relatively simple ways to address these issues to some extent – say, installing apps that limit screen time – but some people are deciding to go further, returning to a time before constant connection. They're transitioning to "dumbphones", a catch-all term for phones with basic functions such as calling, texting and setting alarms. Some dumbphones resemble 90s flip phones. Others are niche, high-end products that provide a downgraded smartphone experience at a surprising premium. 

 

In some cases, concerned parents are turning to these devices as a way of keeping their children away from the distractions of a smartphone. But the market also comprises seniors who want something simple; workers in tough industries like construction or farming, who need rugged handsets; and everyday users who can't afford to pay the average price of a smartphone, often upwards of $500 (£400), and flagship smartphones can cost as much as $1,600 (£1,300). Abandoning these devices has also become its own trend: teenagers desperate to escape social media have set themselves up as neo-Luddites.

 

 

I knew I had to try it, too. Growing up in a home without gaming consoles in the early 2000s, I binged Halo and Borderlands at friends' places, to the point where I felt dizzy and disoriented. Later, as a newspaper reporter, I drank in Twitter's firehose of information between deadlines, then spent hours doomscrolling when I got home. During the pandemic, I gave up Twitter, but then succumbed to Instagram Reels. The always-on feeling eroded my sense of wellbeing. Getting off the smartphone wagon seemed perfect for me.

 

Yet doing so in practice was a bit harder than I expected. First, I had a hard time getting a dumbphone in my hand at all. There were few options and even fewer recommendations, a stark contrast to the millions of smartphone reviews across the internet. I finally found a website from writer and dumbphone advocate Jose Briones, who offers a "dumbphone finder". I eventually chose a CAT-S22 flip phone, a semi-smart dumbphone, which has access to apps including Google Maps. It cost $69 (£55) and ends any call with a satisfying snap.

 

The more I learnt about dumbphones, the more I realised the lack of reviews wasn't necessarily why I was having an issue tracking down a device. Despite demand from a rising trend, I came to understand phone manufacturers have little to no interest in offering these devices. With smartphones comprising the vast majority of all new phone sales, technology giants have little economic incentive to keep churning out new dumbphones or updating their existing line-ups.

 

Serenity Strull/BBC/Getty Images Some consumers are returning to older, simpler devices (Credit: Serenity Strull/BBC/Getty Images)Serenity Strull/BBC/Getty Images

Some consumers are returning to older, simpler devices (Credit: Serenity Strull/BBC/Getty Images)

Poor economics

While small, there is a market for dumbphones. In the US, August 2023 data from Counterpoint Research shows feature phones – a type of basic dumbphone with stripped down capabilities – comprise just 2% of the handset market. That only accounts for a tiny sliver – but it's still plenty of devices. Counterpoint estimated feature phone sales in the US alone would hit 2.8 million by the end of the year.

 

 

"Feature phones remain consistent in the US as their simple design, affordability and ruggedness still pander to specific demographics," according to the firm. "Although there will not be a significant spike for feature phones in the market, there are consistent needs that create the steady demand for feature phones in a smartphone-dominated market."

 

Jim Roberts, a professor of marketing at Baylor University's Hankamer School of Business in Texas, says a surprising proportion of the world's dumbphones are sold in the US – he estimates around 20%, but market data figures vary considerably. "[Consumers] are just finding that they're not any happier, or are less happy, than they'd like to be," says Roberts. "And they spend so much time on their phones that they're seeing that as the culprit."

 

According to Statista Market Insights, the total global feature phone market is projected to bring in $10.6bn (£8.5bn) in revenue this year. Yet while phone manufacturers do pull in notable sums from feature phone sales, they have struggled to turn a profit on the stripped-down hardware. And it's largely not economically worth it to try to improve the business, especially since phones are often only a small division of their overall companies.

 

The big tech giants don't want anything that has to do with reducing your smartphone usage because they are not making money on the hardware of the device – Jose Briones

Many of these tech giants generally generate revenue on either software or highly specialised hardware for which consumers will pay hefty price tags. They also have very diverse revenue streams. Samsung, for instance, earns billions each year from its semiconductor division. Simply, these companies have little incentive to cater to dumbphone users, whose revenue potential is relatively miniscule – that is, if they can even make the economics of manufacturing the devices work at all.

 

 

Plus, experts say the sheer amount tech giants can charge for smartphones suggests they won't prioritise feature phone users anytime soon. Briones, who quit smartphones in 2019, explains that bigger tech companies don't want dumbphones to overtake their flashier, more expensive models. "The big tech giants don't want anything that has to do with reducing your smartphone usage because they are not making money on the hardware of the device," he says.

 

Serenity Strull/BBC/Getty Images The flip phone - once a dominant design - could see a resurgence in the "dumbphone" community (Credit: Serenity Strull/BBC/Getty Images)Serenity Strull/BBC/Getty Images

The flip phone - once a dominant design - could see a resurgence in the "dumbphone" community (Credit: Serenity Strull/BBC/Getty Images)

A viable alternative?

For companies that do still offer dumbphones, Thomas Husson, vice president and principal analyst at Forrester Research, doesn't expect many of these sellers to make it – or at least keep manufacturing these devices in the long run.

 

Alongside precarious profit margins, there's also the wrinkle that the technology on which these devices run will become so outdated they won't be able to function. For instance, dumbphone users across the globe will be out of luck if the 2G and 3G networks that sustain their functionality disappear entirely. Plus, many jobs – even low-wage positions – require employees to carry phones with app capabilities. At the end of the day, there may not be enough customers to buoy even the savviest business model.

 

There may be one way dumbphone companies can survive, however. To be economically viable, argues Husson, companies could "develop a niche premium brand to reach these segments". Indeed, some start-ups are trying to capture this specialty market and find economic success – offering a kind of modern take on the feature phone.

 

 

New York-based Light creates customisable "Light Phones" that minimise exposure to the internet, social media and other distractions. "What we're trying to do with the Light Phone isn't to create a dumb phone, but to create a more intentional phone – a premium, minimal phone – which isn't inherently anti-technology," Joe Hollier, co-founder of Light, told CNBC in 2023. The device currently costs $299 (£240) – comparable with low- or mid-range smartphone models. It's a high price point for a dumbed-down phone, but the only way for the company to make a niche product economically viable.

 

Unlike feature phones, which usually sell based on their low price point or ruggedness, Light's phones are intended for conscientious digital detoxers who want some connectivity without sacrificing on style or some functionality. Briones's Light Phone calls, texts and has basic app functions, all viewable through an e-ink screen similar to an e-reader. It can also keep a calendar, get directions, stream podcasts and music and take notes. "That's a good set of features that I've been able to learn how to live with," he says.

 

Earlier this year, Swiss brand Punkt also debuted a simplified smartphone for $750, priced at £599 in the UK. They're betting high-end consumers will be interested in hardware that resembles the smartphones they are used to. Punkt has pivoted towards the luxury dumbphone approach; in 2015, the company offered a feature phone that looked similar to an iPhone, but that only made calls, sent text messages and had a calendar and clock. It did not take off.

 

 

These new devices will also have to compete with other business models meant to appeal to users who want to wean their digital dependence, but may want to do so in a way that goes down smoother than a hardware transition.

 

That's the strategy for US-based Ghost Mode. Rather than selling its own phone, the company essentially reprograms a Google Pixel 6a smartphone to a customer's specifications, with all of the apps they need. Once they do, Ghost Mode locks the phone into those settings. Like most of these niche products, this service isn't cheap at $600 (£482), but it may appeal to top-end consumers more than leaving their smartphones behind entirely.

 

Despite these new players and a heightened interest in dumber phones, success is still precarious.

 

Bullitt, the licensed manufacturers of the CAT S-22 I purchased, folded the day before my phone arrived. Despite the news, I tried the hardware for about a week. It let me call, text and access the messenger functions of a couple of apps I used to stay in touch with friends and family. My total web use dropped to just an hour a day. I was better able to concentrate on my surroundings, books and music. But I missed my library app.

 

So, I switched back to my very beaten-up Samsung Galaxy A32 – with a catch. I installed Minimalist Phone, an app that gets rid of flashy app icons and backgrounds in favour of a stark black-and-white interface. I kept Messenger, WhatsApp and Discord to stay in touch, but nearly every other non-basic app went out the window. I don't miss them.-BBC

 

 

 

 

Ryanair sees rises in air fares easing over summer

No-frills airline Ryanair has said fares during the peak summer season are set to be unchanged or only "modestly" higher than last year.

 

The carrier said while it expected "strong" demand for flights in July and August, airfares had been growing slower than expected recently.

 

Airline boss Michael O'Leary said this could be down to a "recessionary feel around Europe".

 

His comments came as Ryanair said profits for the year to March jumped 34% to €1.92bn (£1.64bn) after fares rose by a fifth.

 

Demand for air travel has been increasing steadily ever since the Covid pandemic restrictions were lifted.

 

In the past few weeks, British Airways owner IAG and EasyJet have both been forecasting strong demand for flights this summer.

 

Ryanair said it carried 183.7 million passengers in the year to March, with average fares up 21% to €49.80.

 

It said it had seen record trading last summer, and strong traffic over Easter in March.

 

However, this was offset by a fall in numbers at the end of last year, after Ryanair flights were removed from several online travel agents.

 

The airline said bookings for this summer were ahead of last year, although fares were not as high as it had expected.

 

"We still see reasonable strength in July and August bookings, the peak summer months, but April, May and June are a little bit weaker than we had originally expected," Mr O'Leary said.

 

"We remain cautiously optimistic that peak summer 2024 fares will be flat to modestly ahead of summer 2023," he added

 

“It’s a little bit surprising that pricing hasn’t been stronger and we’re not sure if that’s kind of consumer sentiment , or recessionary feel around Europe."

 

 

Ryanair, which has been hampered in its expansion plans by delays to the delivery of new Boeing planes, said it could carry 198-200 million customers this year if the new aircraft are delivered on schedule.

 

It said there was a risk the deliveries could "slip further", but Mr O'Leary said he thought this was "unlikely".

 

However, the airline said it would be short of about 23 Boeing 737s that were due to arrive by the end of July.

 

Mr O'Leary said Ryanair would receive compensation from Boeing for the delays, although it would be "modest" and did not reflect the cost to the airline of having to cut back its growth plans.

 

The carrier said it was continuing to work closely with the aerospace giant to improve quality and increase the pace of deliveries.

 

Boeing's planes have come under intense focus once again after the company was plunged into a crisis in January when a panel on one of its aircraft blew out in mid-air.

 

Scrutiny over Boeing's plane manufacturing processes has led to a slowdown in deliveries.

 

Boeing boss Dave Calhoun has said he will step down from the planemaker at the end of the year.

 

Mr O'Leary said Ryanair welcomed Boeing's management changes, and "already we’re seeing improved quality on our aircraft deliveries but sadly not yet enough progress on accelerating those deliveries".

 

Ryanair did not give any profit forecasts for the current year, saying that was "heavily dependent" upon avoiding adverse events such as the wars in Ukraine and the Middle East, extensive air traffic control disruptions or further Boeing delivery delays.-BBC

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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

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LinkedIn:           Bulls n Bears Zimbabwe

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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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