Major International Business Headlines Brief::: 23 May 2024

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Major International Business Headlines Brief:::  23 May 2024 

 


 


 

	
 


 

 


 

ü  Nigeria: Japa - We'll Reabsorb Health Experts That Return - Govt

ü  Nigeria: Edun Calls for MDAs' Collaboration to Drive Economic Growth,
Attract Investments

ü  Nigeria: Dana Air Staff Protest Non-Payment of Salary, Pension
Remittances

ü  Nigeria, Benin Republic Strengthen Ties to Boost Trade

ü  Nigeria: Flight Delay - 300 Passengers Stranded As NCAA Vows Sanction
Against Turkish Airline

ü  Nigeria: Kaduna Motorists Protest Poor Work On Sabo Bridge

ü  Nigeria: Federal Govt Apologises Over Hardship, Defends Economic Policies

ü  Nigeria: Hard Times for Businesses... 21 Companies Shut Down in Kano in 3
Years

ü  Southern Africa: Qatar Airways Set for Major Southern Africa Airline
Acquisition

ü  East Africa: Comesa Reveals Thermal Power Dominance in the Region

ü  US to sue Ticketmaster owner Live Nation

ü  Airline to 'better manage' flights with AI use

ü  Inflation rate falls to lowest in almost three years

ü  What went wrong for online car retailer Cazoo?

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Japa - We'll Reabsorb Health
Experts That Return - Govt

The federal government has assured that health experts who return to Nigeria
after migrating abroad for greener pastures, would be seamlessly reabsorbed.

 

However, the government tasked medical practitioners to be more patriotic to
their country by shunning migration.

 

This came as the Medical Laboratory Science Council of
Nigeria,MLSCN,inducted a total of 396 foreign trained medical laboratory
science graduates into the profession.

 

Minister of State for Health, Dr Tunji Alausa spoke in his remark at the
11th Induction and Oath-taking Ceremony of foreign graduates of Medical
Laboratory Science by MLSCN, in Abuja.

 

 

Alausa tasked health practitioners to be patriotic about their country,
insisting that "all hands must be on deck to ensure a better narrative and
outcome for the health sector. "

 

He said, "The exodus of health professionals in search of so-called greener
pastures has led to a significant shortage of personnel required for the
growth of the health sector.

 

"Based on recent data, we have about 300,000 health professionals attending
to the healthcare needs of over 200 million people.

 

"This is grossly inadequate and puts enormous pressure on the available
workforce. Thus, in conjunction with the relevant stakeholders, including
MLSCN, the federal government is taking the necessary steps to improve and
stabilize the health sector. This is includes ensuring that experts willing
to return to the country are seamlessly reabsorbed. "

 

 

The minister, who was represented at the event by his Senior Technical
Assistant, Dr Obi Ugbo, commended the MLSCN for constantly engaging with the
Federal Ministry of Health for the "necessary paradigm shift in the health
sector."

 

"I also commend you for actualizing the part of your statutory mandate,
which requires you to determine from time to time the standard of knowledge
and skills to be attained by persons seeking to become medical laboratory
scientists. Policies do not drive themselves, but require the political will
of those concerned for effective implementation.

 

"The induction of foreign graduates of Medical Laboratory Science is a
crucial step in the efforts of the government to ramp up the training and
recruitment of competent, skilled, and versatile manpower for the health
sector. It is more gratifying that you do not merely induct new entrants
into your profession because they trained abroad, but rightly subject them
to a re-training program and subsequent examinations in-country.

 

 

"The process is line with international best practices. Even other more
advanced health systems subject those who trained abroad to new rigorous
learning experiences and their being licensed to practice is subject to
their passing the prescribed examinations. That process of familiarization,
adaptation and integration is necessary for the smooth running of the health
system and to safeguard the health and wellbeing of the patients.

 

"Suffice it to say that the federal government is in a hurry to reposition
the health sector to bring it at par with its peers in other countries,
especially those we often seek to benchmark.

 

"The narrative that we spend over $2 billion out of our meagre foreign
reserves on health tourism is neither acceptable nor sustainable.

 

"Therefore, all hands must be on deck to ensure a better narrative and
outcome for the health sector.

 

"Furthermore, the exodus of health professionals in search of so-called
greener pastures has led to a significant shortage of personnel required for
the growth of the health sector.

 

"Based on recent data, we have about 300,000 health professionals attending
to the healthcare needs of over 200 million people.

 

"This is grossly inadequate and puts enormous pressure on the available
workforce. Thus, in conjunction with the relevant stakeholders, including
MLSCN, the federal government is taking the necessary steps to improve and
stabilize the health sector. This is includes ensuring that ex pats willing
to return to the country are seamlessly reabsorbed.

 

"In that regard, I am pleased that you are about to induct 396 young medical
laboratory science graduates into the profession. While the number may not
be adequate to fill the existing gaps, I encourage the inductees to be ready
to contribute their quota toward repositioning the health sector. As young
Nigerians in whose hands the future of the health sector lies, you must
imbibe the spirit of patriotism and always place the interest of the
patients above material gains.

 

"There is no gainsaying that MLSCN is one of the vibrant, and creative
agencies in the health sector. The Leadership is always initiating new ways
of overcoming existing challenges. Such commitment, hard work, creativity
and foresight are the hallmark of a world-acclaimed regulatory agency as you
wish to become. I have been told that you have digitalized virtually all
your processes, including those for the registration of laboratories, as
well as licensing. I commend and encourage to keep up the good work. These
inductees, I believe, would be pleased to subsequently connect with MLSCN
from the comfort of their home or workplace.

 

"While assuring you and other health regulatory agencies of the continued
support of the federal government to enable you to succeed, I urge you to
align their policies and processes with the expectations of the Renewed Hope
agenda of the President Bola Tinubu. With the right commitment and resolve,
there can be no insurmountable challenges under the current regime. It is
our duty to explore the linkage between our desires for a better society and
our actions and their implications for the society. Mere intentions however
noble will not lead to change. "

 

 

On his part,the Registrar/Chief Executive Officer, Medical Laboratory
Science Council of Nigeria,Prof. Tosan Erhabor, explained that the ceremony
underscores the council's desire to foster excellence and professionalism in
the noble profession of Medical Laboratory Science.

 

He reiterated the council's previous plea to the Federal Ministry of Health
to establish a centralized pool for the internship posting of fresh Medical
Laboratory Scientists, explaining that such would "undoubtedly reduce the
current challenges faced by fresh graduates, who are forced to comb the
streets in search of internship slots. "

 

While expressing his respect and admiration for the inductees' parents and
guardians "for bearing with equanimity the brunt of the inductees' training,
both overseas and in-country,Prof. Tosan Erhabor noted that such "sacrifices
may seem natural and, therefore, taken for granted, but as every parent can
attest, the current challenges facing all and sundry have made the parents'
tasks more cumbersome."

 

"I hope and pray these inductees would in time reciprocate the efforts by
going out there and making their parents proud,"he tasked.

 

While also congratulating the 395 inductees presented for the occasion,Prof.
Erhabor told the inductees that the recognition they received was an
indication that they have successfully undergone the rigorous training aimed
at preparing them for the onerous task ahead.

 

"As you savour the pomp and pageantry of this occasion, please also keep in
mind its essence. Act 11 of 2003 mandates MLSCN to determine periodically
the level of competence to be attained by persons seeking to become Medical
Laboratory Scientists. This is a sacred duty, which MLSCN continues to
discharge without fear or favour.

 

"In our quest to deliver on the above mandate, the Council had to review the
process of admitting into the profession those, who trained outside the
country's shores. The review revealed gaps in training arising from cultural
orientation, infrastructure, equipment, as well as processes to which those,
who trained in-country were accustomed. As a responsible regulator, MLSCN
moved to bridge the gaps by introducing the re-training program to
familiarise those affected with the reality of the health laboratory system
here. Today, we are recognising the 11th batch of those re-trained, thus
vindicating the policy framework deployed for the purpose.

 

" It may interest you to note that these inductees are products of various
institutions across the world, re-trained atthe various training centres
approved and supervised by MLSCN across the geo-political zones of the
country. I salute the courage and commitment of the centre coordinators, who
have continued to justify the confidence we reposed in them as partners in
progress. Driven by their love for the profession, they have continued to
exemplify MLSCN's penchant for quality, safety and sustainability within the
profession,"he added.

 

He spoke further:"As for the inductees; while commending you for doing well
in the requisite MLSCN-approved examinations, let me also sound a note of
warning to you. You must brace up for professional practice with the huge
responsibilities, expectations, and intense scrutiny that now define the
terrain. The citizens are more informed and demanding as they are aware of
the quality of healthcare available to their counterparts in other
countries. The days of mediocrity are well and truly over.

 

"However, you must be mindful that MLSCN has zero-tolerance for unethical
conducts, and your individual circumstances would not vitiate the ethics of
the profession. You are to avoid situations that could tempt you to
compromise the ethics of the profession or be ready to face the consequences
directly or vicariously. Fortunately, those who are ready to practice in
accordance with the guidelines can look forward to a rewarding career.

 

"We implore the Federal Ministry of Health to take note of the imperative to
open up the employment space to absorb these and other young health
professionals."

 

- Vanguard.

 

 

 

 

Nigeria: Edun Calls for MDAs' Collaboration to Drive Economic Growth,
Attract Investments

Minister of finance and coordinating minister of the economy, Mr Wale Edun
has called on heads of agencies and parastatals under his ministry to work
together in order to ensure full implementation of President Bola Ahmed
Tinubu's eight-point agenda, aimed at boosting economic growth and
development to attract foreign investors and expertise into the country.

 

Speaking during a quarterly performance review briefing with the agencies in
Abuja, the minister emphasised the importance of synergy and effective
implementation to achieve the goals outlined in the President's blueprint.

 

 

"This is a very important gathering to benchmark where we are and pinpoint
where we need to get to and how we intend to get there," Edun said according
to a statement that was issued by the director of press in the ministry,
Mohammed Manga.

 

The meeting serves as a benchmark towards the implementation of the
performance bond with President Tinubu.

 

"We have all signed performance bonds. We all know the plan and blueprint,
which are the eight-point agenda of Mr. President. It has been categorised
as a house. The pillars are the fundamentals that you need for the Economy
and society to thrive: security, the rule of law, and at the very top is the
roof, that is, the outcomes: food security and other measures of a good
standard.

 

"Our collective efforts and shared commitment is not only pivotal in
ensuring the efficient and effective management of the nation's economy but
should also go a long way in facilitating the realisation of the agenda of
Mr. President," he said.

 

 

Edun said the call is expected to galvanise the agencies to work
collaboratively and efficiently towards achieving the objectives of the
eight-point agenda.

 

The minister explained that by working together, the agencies can help
create a conducive environment for economic growth, attract investors, and
make opportunities available for Nigerians to thrive.

 

He informed further that the President Tinubu administration has helped
stabilise the exchange rate and is working towards lower interest rates that
would invite the bases for additional investments in the nation.

 

"It is, therefore, incumbent upon us to pursue the achievements of our
deliverables with diligence and determination by establishing clear targets,
timelines, and consequences for non-compliance with our respective
Agencies/Parastatals. We can help to create a framework that incentivises
excellence and service delivery as well as build the needed synergy and
partnership that can facilitate the implementation of the transformative
economic policies of this administration," Edun said.

 

The minister expressed optimism that with the calibre of persons heading the
Agencies under his stewardship, the Ministry will surely deliver on its
mandate in compliance with the Renewed Hope Agenda of the present
administration.

 

Earlier in her welcome address, the permanent secretary, Federal Ministry of
Finance, Lydia Jafiya, stated that the engagement would provide a unique
platform for robust discussions, especially in the area of implementation of
the transformative policies of the present administration, which she said,
aims at improving the nation's economy, promoting job creation, and poverty
reduction as well as a safety environment that will attract investments into
the country.

 

She assured that the Ministry will continue to provide an enabling
environment for the full implementation of the policies, programmes and
projects of the federal government, in line with its mandate.

 

Also, the ministry's permanent secretary of special duties, Mr. Okokon
Ekenam Udo advised the agencies to collectively align their efforts with the
fiscal goals set by the federal government to ensure the realisation of its
policy objective.

 

- Leadership.

 

 

 

 

Nigeria: Dana Air Staff Protest Non-Payment of Salary, Pension Remittances

Disengaged staff members of Dana Airline, on Tuesday, picketed the company's
headquarters over non-payment of their two months' salaries and
non-remittance of their contributory pensions.

 

LEADERSHIP reports that the minister of Aviation and Aerospace Development,
Festus Keyamo, had directed the Nigerian Civil Aviation Authority (NCAA), to
suspend the airline over runway excursion at the Murtala Muhammed Airport
(MMA), Lagos.

 

Due to this, the airline disengaged some of its staff members till the end
of the operational audit.

 

The head, corporate communication, of the airline, Kingsley Ezenwa, said the
decision was to ensure efficient management of resources and to facilitate a
thorough review of operational procedures.

 

 

However, the staff had requested the suspended airline to pay their two
months' salaries and contributory pensions.

 

The former employees, who blocked the entrance of the company at
Oshodi-Isolo expressway, claim that they received a "no service required"
letter via WhatsApp without any further communication on how and when their
salaries and benefits would be paid.

 

The ex-staff members alleged that their contributory pensions, which were
deducted from their salaries over the past 10 years, have never been
remitted.

 

The placard carrying staff with different inscriptions, claimed that the
management deducted a certain amount from their salaries each month as
contributory pensions.

 

"We had an excursion in April and we had already wrapped up and so, we are
supposed to be paid and we are not paid. We are only here because we need
our money, April salary, our one month in lieu of notice then our
entitlements and for someone who has worked for 15 years, I need to be
settled," one of the protesters said.

 

 

One of the former employees, Magdalene Onyukwu, spoke about their plight,
urging the Minister of Aviation and Aerospace Development, Festus Keyamo,
and the acting director general of the NCAA, Captain Chris Najomo, to
intervene and provide justice.

 

To her, "We are disgruntled staff and we are asking, if you are asking me to
go, it means you are ready to pay me my benefits, they have to pay us our
benefits, our gratuity, our pension, all they have collected over the years,
put these together and give it to us".

 

The staff are calling on the authorities to take immediate action to resolve
their outstanding salaries and pension contributions, which they claim have
been unfairly delayed.

 

- Leadership.

 

 

 

 

Nigeria, Benin Republic Strengthen Ties to Boost Trade

Nigeria and the Benin Republic have strengthened commercial and trade
relations to boost economic activities in both countries.

 

Briefing journalists after the bilateral meeting at the Anguwar Sule Wara in
Benin Republic border station, Nigeria's minister of foreign affairs, Yusuf
Maitama Tuggar said the meeting was designed to boost trade and commerce
between the two countries.

 

Tuggar said President Bola Ahmed Tinubu has directed that the bilateral
relationship between Nigeria and the Benin Republic be reopened to
strengthen trade and commerce in the two countries.

 

The minister said the meeting identified some challenges such as
infrastructure and security that the two sister nations must address.

 

 

The minister said if Nigeria and Benin Republic borders had been better
handled, they would have boosted revenue generation and the economies of the
countries.

 

Tuggar said, "I am the happiest person at this moment because if the border
is fully opened, our petty traders will enjoy their businesses and it will
boost the economy of Kebbi State."

 

The Nigeria Customs Service (NCS) comptroller-general, Bashar Adewale
Adeniyi, applauded Nigeria's president and his Benin counterpart for
reopening the bilateral relationship between the two countries, adding that
it would strengthen their businesses.

 

In their separate speeches, Benin Republic minister of finance and foreign
affairs, Romuald Wadagni and Shegun Bakari Adjadi respectively, assured
Nigeria that their government would partner with Abuja on a bilateral
relationship.

 

They said the Benin Republic would soon complete the border bridge between
the two countries to ease the flow of business.

 

Also, the Kebbi State governor, Nasir Idris commended Tinubu for his
commitment to promoting the economic development of the country.

 

- Leadership.

 

 

 

 

Nigeria: Flight Delay - 300 Passengers Stranded As NCAA Vows Sanction
Against Turkish Airline

The Nigerian Civil Aviation Authority (NCAA) has vowed to sanction Turkish
Airlines over the alleged maltreatment of about 300 passengers in Nigeria.

 

NCAA Director of Public Affairs and Consumer Protection, Michael Achimugu,
disclosed this on Wednesday in Lagos, saying the regulatory agency was
contemplating rolling out stiff penalties against Turkish Airlines for
keeping Nigerian passengers stranded at the airport, following its delay to
airlift them to Istanbul in Turkey.

 

He noted that President Bola Tinubu had already directed the NCAA, Federal
Airports Authority of Nigeria (FAAN) and all other relevant Aviation
agencies to ensure that the rights of Nigerians were always protected.

 

 

He maintained that federal agencies would not fail to call any defaulting
airline to order.

 

"President Bola Tinubu has directed the NCAA, FAAN and relevant agencies to
ensure that the rights of Nigerian passengers are protected.

 

"This behaviour to the NCAA is unacceptable. At the end of our findings, if
the airline is found culpable, we will invoke the relevant parts of our
regulation, Part 17 to mete out the right punishment," he stated.

 

Achimugu, who visited the stranded passengers at the airport Wednesday
evening, confirmed that over 300 passengers were stranded because of the
airlines, which had cancelled its flights in and out of the country until
Thursday.

 

He, however, assured that the Authority would not rest until the passengers
were conveyed to their destinations.

 

 

"The NCAA is currently investigating the circumstances surrounding the
inability of Turkish Airlines to operate flights out of Lagos Airport, due
to the picketing of its operations by aviation unions.

 

"We will ensure that the rights of Nigerian passengers are not violated.

 

"Currently, the NCAA is engaging officials of Turkish Airlines, but we have
observed some degree of insolence of the Country Manager, who engaged our
D-G in a shouting match, he was even banging the table," he said.

 

One of the passengers, Sweden-based Obiekwe Ngozi Chukwu lamented the delay,
saying that he only came to the country for his mother's burial and was at
the risk of losing his job if he fails to resume immediately.

 

He begged the Nigerian authorities to intervene and save the passengers from
"this experience."

 

- Leadership.

 

 

 

 

Nigeria: Kaduna Motorists Protest Poor Work On Sabo Bridge

Motorists in Kaduna have described the repair of Sabo Rail Bridge to Command
Junction Expressway in Chikun local government area as below standard.

 

The project was executed by the Federal Ministry of Works.

 

The motorists reacted to the recent rehabilitation of the road.

 

They accused the contractor of not doing enough as the potholes were not
properly handled.

 

The motorists however commended the Federal Ministry of Works for the
initiative.

 

They said the project handlers after filling the potholes with tar only
graded the walkways and sand filled it which would be washed away during the
rainy season.

 

 

A taxi driver, Ayo Tunde, who plies the road, said, "I ply this road daily
because it is one of the biggest roads in Kaduna city and I thank the
federal government for the repairs. Before it was fixed, Sabon Bridge to
Command Junction had become bad for our vehicles. However, the filling of
the potholes will not last because the work was not properly done."

 

Also, a bus driver, who identified himself as Sani said, "We are grateful to
the government for repairing Command Junction to Sabon Tasha Expressway.
Before the repair of the road, some bus drivers do visit mechanic shops
almost every two days to repair our vehicles because of the potholes on the
road.

 

"But the repairs will not last long. After the road was fixed, the
contractor marked and painted road signs on it but in less than one month,
all the signs were washed away," he said.

 

All efforts to reach the federal controller of works in Kaduna failed.

 

- Leadership.

 

 

 

 

Nigeria: Federal Govt Apologises Over Hardship, Defends Economic Policies

The federal government has apologised to Nigerians over the economic pains
they go through as a result of the reforms embarked upon by the Bola Ahmed
Tinubu administration.

 

The apology came yesterday from the minister of budget and economic
planning, Atiku Bagudu, at a Ministerial Sectoral Update in Abuja

 

He, however, staunchly defended the policies of the Tinubu-led
administration.

 

Bagudu acknowledged that both foreign exchange rate and inflation figures
were still above target levels, putting strain on the economy and the
citizens' pockets.

 

 

The minister said, "I apologise for the pains that they (policies) may
occasion, but they are necessary."

 

 

The naira has plummeted from around N460 to a dollar to a staggering N1,480
while inflation skyrocketed to 33.69 percent as of April 2024, up from 22.22
percent a year prior.

 

 

Despite the economic crisis, the minister insisted the Tinubu
administration's "Renewed Hope Agenda" centered around eight priority areas
was on the right track to spur growth in the economy.

 

"Is our strategy right? Absolutely. We believe our strategy is right, but it
requires occasional calibration," Bagudu asserted.

 

He argued that restoring macroeconomic stability was crucial to attract
investment and generate revenues to address underinvestment in sectors such
as security, education and social welfare.

 

The minister portrayed the current economic challenges as pains accompanying
an overdue economic restructuring.

 

 

"Nothing we do can solve the problem of underinvestment without restoring a
macro-economy that can stimulate investment," he said.

 

Meanwhile, the secretary to the government of the federation (SGF), Senator
George Akume, has said the current administration has made significant
strides in reviving the economy and implementing social programmes to lift
the citizens during its first year in office.

 

Delivering the administration's one-year progress report at a ministerial
sectoral updates session yesterday, Akume highlighted Tinubu's efforts to
unleash Nigeria's economic potential through major reforms.

 

"This administration has implemented significant economic reforms aimed at
stabilising our economy and fostering sustainable growth," Akume said.

 

He pointed to policies that have attracted foreign investment and spurred
job creation across various sectors.

 

According to him, a major economic move was the dismantling of monopolistic
control over electricity through the 2023 Electricity Law, allowing states,
corporations and individuals to generate, distribute and transmit power.

 

On the fiscal front, he said the removal of the contentious fuel subsidy was
hailed as a "challenging but necessary" step to curb corruption,
inefficiency and reduce the annual fiscal burden on the government.

 

The SGF said infrastructure development has been another key focus area,
with the completion of extensive road networks, improved rail systems and
modernisation of ports to facilitate trade and connectivity.

 

Alongside economic measures, Akume emphasised the administration's
people-focused policies through an array of social intervention programmes
targeting poverty alleviation and empowerment of vulnerable groups.

 

"These initiatives have provided financial assistance, skills acquisition
opportunities and improved access to essential services," he explained.

 

The SGF said investments have also been channelled into healthcare through
new facilities and educational reforms to boost human capital development.

 

However, Akume admitted the first year had its challenges from various
angles. But he commended President Tinubu for his "calm, unwavering
commitment and resilience" in serving Nigerians with diligence.

 

Moving forward, the administration remains focused on implementing its
"Renewed Hope Agenda" centered on economic revitalization, social inclusion
and infrastructural progress for the betterment of all Nigerians, Akume
stated.

 

He called for collective efforts towards unity, peace and realizing
Nigeria's full potential through the government's vision and policies.

 

- Leadership.

 

 

 

Nigeria: Hard Times for Businesses... 21 Companies Shut Down in Kano in 3
Years

No fewer than 21 companies have shut down operations in Kano State in the
last three years due to the harsh economic environment.

 

Sadly, these companies were in the manufacturing sector, a document from the
Manufacturers Association of Nigeria (MAN) in the state revealed.

 

According to MAN, the companies were particularly forced out of business by
high rates of taxes, epileptic power supply, importation and counterfeiting
of products.

 

Meanwhile, the vice chairman of the organised private sector (OPS) in Kano,
Hamza Adamu, has put the total of the private companies that have shut their
operations in Kano State at 54.

 

 

In an interview with LEADERSHIP, Adamu said these companies are winding down
their operations as a result of a combination of unfriendly economic
policies of the government, low business patronage and tough competition,
making some of them relocate to the south-west of the country.

 

Adamu said during the union's recent meeting, most of the companies lamented
that they usually paid up to 18 different taxes, ranging from land use tax,
sanitation tax, and even levies on their trucks that move on the roads,
among others, while others decried the poor electricity supply that has made
them spend more on diesel.

 

He explained that within the last two years, six chemical, plastic pipes and
rubber shoe companies have closed down, along with five hotels, most of them
located at Bompai, Challawa and Sharada.

 

He revealed that some of them had built outlets in the south and were
relocating gradually.

 

 

"After our meeting, it was discovered that a total of 54 companies have
closed down while some are on the verge of closing down; most of the
companies comprise textiles, hotels, food and beverages, plastic and rubber
companies."

 

He also stated that most of the companies had opened outlets in Ogun and
Lagos states where there is availability of gas pipelines that allow them to
produce energy by themselves and run the factory at a cheaper cost, in
addition to enjoying friendlier tax policies.

 

Adamu, who is also the senior organising secretary of the textile union,
lamented that in the past there were over 30 textile factories in the state,
but currently there are not more than two.

 

He stated that most of the textile companies closed shop as a result of
importation and counterfeiting.

 

"Whatever is being produced, they will go to China and produce it at a
lesser cost, and when it is brought in, there is high competition. Our
government is not helping; the companies have been crying but they
(government) are yet to salvage the situation," Adamu said.

 

 

He called on the state government to intervene by making deliberate
industrial policies that will assist the industries to come back as well as
attract more investors which will employ the youths and further help to
reduce the rate of poverty and insecurity, adding that the government cannot
employ everyone.

 

On his part, the Kano State chairman of the Trade Union Congress (TUC),
Mubarak Yarima, noted that most of the manufacturing and processing
companies were affected due to their high demand for electricity to run
their businesses, but that sadly, its unavailability has pushed them to be
spending much on diesel, forcing them to close down.

 

He said the union had engaged the state government on how the problem could
be solved, and received the assurance that the electricity problem would be
tackled.

 

"The obligation of the union is the protection of jobs; we have been having
contact with companies shutting down, and we have been meeting with the
employees' chair and their unions to devise a means on how they can be
catered for," Yerima stated.

 

LEADERSHIP's investigation revealed that some of the companies that have
shut down include: B & B Leather Ltd, White Gold Ginnery Ltd, A.B. Fairview
Motors Nig. Ltd, Bally Plastic Ind., Triumph Nig. Ltd., Hanushi
Manufacturing Ltd., HGB Company Ltd., Kafin Kafi Ltd., Kisma Industries
Ltd., Lanyo Luggage & Travelling Bags Ltd., Mac Chucks Ltd., Mufex Nig. Co.
Ltd., Rasa Industries Ltd., Regal Grandview Nig. Ltd., Rider Impex Allied
Ltd., Wise Machine Nigeria Ltd., Rock Investment Construction & Works Ltd.,
Tofa Textile Ltd., African Textile Ltd., Angle Spinning Ltd., and Prosper
Industry Ltd, among others.

 

Kano State head of the civil service, Abdullahi Musa, at a recent symposium
organised by the Nigeria Labour Congress said not only the private sector is
afflicted by the issue of electricity, but all residents of the state.

 

He said the present administration of Governor Abba Yusuf is worried at the
situation, which is why it created the new Ministry of Power and Energy to
address the energy needs of the state by harnessing the independent power
from Tiga and Challawa Dams for the companies to have power to run their
businesses.

 

The permanent secretary, Kano State Ministry of Commerce, Investment and
Industries, Mohammed Danduwa, told LEADERSHIP that the state was aware of
four companies that had relocated from Kano to Ogun State as a result of
poor electricity supply and the high cost of transporting their raw
materials due to the high cost of diesel.

 

He explained that electricity used to be an exclusive affair of the federal
government but that with the current adjustments in the provisions in the
law, the state is making an effort to ensure that the committee set up to
actualise the Ajaokuta- Kaduna-Kano (AKK) gas pipeline succeeds in its
assignment.

 

 

According to him, this will enable the state to build a new power plant that
will generate over 1,000 megawatts which will serve both the companies and
household needs in the state.

 

"There is also a hydropower station in Tiga that will supply about 25mw of
electricity to companies and has reached about 95 percent completion.

 

"By the grace of God, in the next two to three years, in Kano we are going
to have our power generation to address the problem of electricity.

 

"Some of these companies moved to Ogun because they are near the sea and
want to cut the cost of getting the raw materials which are mostly imported.
Therefore, its closeness to the sea makes them pay little money for
transportation compared to bringing it to Kano, especially with the
expensive diesel," he said.

 

Danduwa, however, asserted that the government of Abba Yusuf was working
hard to provide an enabling environment to attract more investors to the
state.

 

He further stated that there is availability of land, water, and all that
the companies would need, plus the possibility of granting them tax holidays
when they employ indigenes.

 

"There is no peaceful place like Kano, and in the whole West Africa
sub-region there is nowhere you can buy and sell as well as in Kano. Even
those companies that moved to Ogun, after making their production, they send
it to Kano," he said.

 

On the issue of multiple taxes, Danduwa explained that the federal and state
governments had their tax laws, whose jurisdictions are all stated in the
Nigeria constitution; therefore one cannot come to the state and operate
without paying tax.

 

On whether the state has a plan to revive the textile industries, he said
most of the challenges came down to the issue of electricity, but he
expressed the hope that when the issue is addressed, many companies would
work efficiently.

 

According to him, the state has 23 dams which will be used to tackle the
problem of water supply to industries.

 

- Leadership.

 

 

 

 

Southern Africa: Qatar Airways Set for Major Southern Africa Airline
Acquisition

Qatar Airways is poised to unveil its acquisition of a prominent airline in
Southern Africa, a major move poised to significantly influence the aviation
landscape within the region.

 

The carrier from the Middle East has disclosed that it is in the final
stages of securing a stake in an undisclosed airline, refraining from
specifying the entity in question.

 

This cageyness has spurred speculation that Qatar Airways may be engaged in
negotiations to procure a share in South African Airways, particularly
following the withdrawal of Takatso, an investment firm previously slated to
acquire a majority stake in the airline.

 

 

"We are at the final stage of an equity investment in an airline in the
southern part of Africa. This airline will help us complement the operation
of Kigali as a hub," Qatar Airways CEO Badr Mohammed Al Meer said in a
recent aviation forum in Doha.

 

Initially, the Takatso Aviation consortium, backed by government endorsement
as the preferred partner, had secured approval to acquire a 51 percent stake
in SAA.

 

However, the abrupt withdrawal in April by Takatso disrupted this
trajectory, with the South African Government attributing the setback to a
revised transaction structure.

 

This impending collaboration marks the second instance of Qatar Airways
pursuing a stake in an African airline.

 

Presently, the carrier is in the process of acquiring a 49 percent share in
RwandAir. Qatar Airways aims to establish Kigali as its African hub,
facilitating operations under fifth freedom rights to various destinations
without necessitating a return to its Doha base.

 

The airline has made substantial investments in Bugesera Airport, Rwanda's
second aerodrome, where it owns a 60 percent stake.

 

Qatar's growing interest in Africa's aviation sector is poised to unsettle
established carriers such as Kenya Airways and Ethiopian Airlines.

 

Over the years, Middle Eastern carriers have faced criticism for offering
low fares, underpinned by extensive government subsidies, thereby enjoying a
competitive advantage over other market players.

 

- Business Day Africa.

 

 

 

 

East Africa: Comesa Reveals Thermal Power Dominance in the Region

Thermal power dominates the energy landscape in the Comesa region,
commanding a share of over 76 percent, with hydro energy trailing at 24
percent, out of a total installed capacity of 100,000 megawatts.

 

These figures emerged from the 13th Annual General Meeting (AGM) of the
Regional Association of Energy Regulators for Eastern and Southern Africa
(RAERESA), held in Cairo, Egypt, on May 15-16, 2024.

 

Over the past eight years, the proportion of renewable energy has seen a
notable rise, climbing from a mere one percent to six percent. This uptick
can be attributed largely to policy and regulatory reforms enacted within
member states.

 

 

However, despite these advancements, critical deficiencies persist within
the regional energy infrastructure.

 

Dr Mohamed Kadah, Comesa's Assistant Secretary General overseeing
programmes, highlighted issues stemming from insufficient investment,
unreliability, and inefficiency during his address at the meeting.

 

To address these challenges, Dr Kadah called upon energy sector
stakeholders--including governments, multilateral and bilateral development
and financial institutions, private sector entities, and academia--to pool
resources and collaborate in bridging the energy infrastructure deficit in
the COMESA region.

 

Mohamed Musa Omran, Executive Chairman of the Egyptian Electric Utility and
Consumer Protection Regulatory Agency (EgyptERA), underscored the important
role of effective regulation in fostering an environment conducive to
private sector growth.

 

John Mutua, Alternate Chairperson of RAERESA and Director of Technical
Regulation at Kenya's Energy and Petroleum Regulatory Authority (EPRA),
stressed the importance of a harmonised regulatory framework to spur
investments in various energy sectors, such as solar, wind, geothermal, and
bioenergy, which hold vast potential within Comesa.

 

 

Currently, Comesa is actively implementing the Regional Harmonisation of
Regulatory Frameworks and Tools for Improved Electricity Regulation project,
supported by a $1.5 million grant from the African Development Bank.

 

Delegates from a wide array of Comesa member states participated in the AGM,
including representatives from Burundi, the Democratic Republic of Congo,
Egypt, Ethiopia, Kenya, Madagascar, Malawi, Seychelles, Sudan, Uganda,
Zambia, Zimbabwe, Djibouti, Tunisia, and Libya.

 

The primary focus of the meeting was to receive progress reports from
RAERESA Portfolio Committees, covering areas such as harmonisation of legal
and regulatory frameworks, renewable energy, environmental sustainability,
energy efficiency, capacity building, information exchange, energy
statistics, and database management.

 

- Business Day Africa.

 

 

 

 

US to sue Ticketmaster owner Live Nation

The US Justice Department (DOJ) is set to file a competition lawsuit against
entertainment giant Live Nation as early as Thursday, multiple sources
familiar with the matter confirmed to the BBC's US partner, CBS News.

Prosecutors are expected to challenge the Ticketmaster parent company's
business practices, the sources said.

In many instances, when the DOJ sues over competition issues it seeks to
force a firm to split off parts of its business or change how it operates.

The DOJ declined to comment when approached by the BBC. The BBC has also
requested comment from Live Nation.

The federal government will be joined in its legal challenge by numerous
state attorneys general, said the Washington Post, which first reported the
story.

The lawsuit is expected to allege that the business - which puts on
concerts, sells tickets and owns venues - has squeezed out competitors and
weakened customer choice, which helped to push up prices.

The move comes after an investigation by DOJ's anti-trust division that
spanned years. In 2022, CBS News reported that the Justice Department was
looking at the company and its Ticketmaster unit.

Live Nation Entertainment was created by the merger in 2010 of US-based
events promoter Live Nation and ticket sales and distribution company
Ticketmaster.

At the time, the DOJ approved the deal despite concerns that it would create
a giant capable of dominating the live entertainment industry.

Live Nation Entertainment has faced growing criticism from fans, lawmakers,
artists and competitors.

The company has been accused of having too much influence over live
entertainment events in the US and around the world.

In November 2022, Ticketmaster angered Taylor Swift fans when its website
crashed during a pre-sale period for the Eras Tour.

After news of the DOJ case was reported, Live Nation's shares fell by more
than 6% in after-hours trading in New York.-BBC

 

 

 

 

Airline to 'better manage' flights with AI use

The use of artificial intelligence (AI) at easyJet's new control centre has
allowed its operations teams to better manage flights, the airline said.

Personnel based at the integrated control centre near Luton Airport,
Bedfordshire, have access to Jetstream, a generative AI tool.

It helps them solve issues for pilots and crews on the ground more quickly,
easyJet said.

The airline's chief executive, Johan Lundgren, said the new facilities came
just in time for summer.

The AI would predict standby crew requirements and recommend the best crew
options for each operation, it was claimed.

More than 250 staff work in the control centre, managing easyJet's daily
programme of about 2,000 flights.

Their responsibilities included planning routes, allocating pilots and cabin
crew, arranging aircraft maintenance and passenger communications.

PA Media Johan LundgrenPA Media

Johan Lundgren is the chief executive of the airline

Mr Lundgren said staff could now benefit from a "modern and bespoke" hub to
work from.

"At easyJet, we saw the potential early on for data to improve customer
experience and operational efficiency which could help us provide a better
flying experience for our customers, crew and pilots," he said.

"And while you can't always see it, the technology is already hard at work
in the air and on the ground helping us predict exactly what food and drink
we need for certain routes."

He said AI helped to reduce food waste, aid predictive maintenance decisions
and help choose the right aircraft to match demand.

"We continue to invest in and deepen our knowledge and use of AI," Mr
Lundgren added.

Got a story? Email eastofenglandnews at bbc.co.uk or WhatsApp us on 0800 169
1830-BBC

 

 

 

 

Inflation rate falls to lowest in almost three years

Falling gas and electricity prices have driven UK inflation to its lowest
level in almost three years.

Prices rose at 2.3% in the year to April, down from 3.2% the month before,
official figures show.

While inflation, which measures the rate of price increases over time, has
fallen further, it remains higher than the Bank of England's target of 2%
and was slightly higher than experts expected.

But the Bank has hinted that interest rates, which have been raised in
recent years to slow price rises, could be cut this summer. Rates are
currently at 5.25% - the highest level in 16 years.

UK inflation falls to 2.3%, lowest level in almost three years

How fast are prices rising in the UK?

Falling inflation does not mean the prices of goods and services overall are
coming down, it is just that they are rising at a slower pace.

Lower gas and electricity prices were the main driver behind the sharp
inflation drop last month as a lower price cap - which fixes the maximum
price that can be charged for each unit of energy - kicked in.

Energy prices were 27% lower in April compared to 12 months before, with gas
prices alone down 38%.

Easing tobacco and food price rises also contributed to the inflation fall,
but costs for mobile phone bills and rents continued to rise.

Sarah Coles, head of personal finance at Hargreaves Lansdown said for the
average household, energy prices were still relatively high.

"It’s still a huge increase on the levels we saw before the invasion of
Ukraine - when the cheapest deals cost around half this amount - but it’s a
real shot in the arm for anyone trying to make ends meet," she added.

Some foods, such as milk, butter, poultry and fish were cheaper in April
than they were a year earlier, due to falling fertiliser prices and tougher
negotiations from supermarkets on own-brand items, Ms Coles explained.

But she said olive oil, cocoa and crisps were up because of disappointing
harvests and high demand.

Food prices chart

Prime Minister Rishi Sunak said the figures marked a "major moment for the
economy, with inflation back to normal".

“Brighter days are ahead, but only if we stick to the plan to improve
economic security and opportunity for everyone," he added.

But Labour's shadow chancellor Rachel Reeves said now was "not the time for
Conservative ministers to be popping champagne corks and taking a victory
lap".

Prices for all goods - ranging from food to household appliances - decreased
marginally by 0.8% in April compared to this time last year.

But services inflation, which measures price rises for things such as
haircuts or train tickets, remained elevated at 5.9%.

Soaring energy costs have been the main cause of the high cost of living in
recent years, putting households and business under financial pressure.

Global as and oil prices soared following Russia's invasion of Ukraine in
February 2022. In the UK, the impact of the commodity price hikes saw
inflation rise to 11% in October 2022 - its highest rate in 40 years.

Butcher Gary Wildman

Butcher Gary Wildman, owner of John Wildman & Sons in Rustington, West
Sussex, told the BBC his business costs had gone up but the prices of his
products had levelled off.

“Prices are probably 10 to 15% more than they were at the beginning of Covid
but they are level now definitely," he added.

“You can’t pass all the cost onto the customers otherwise the customers
won’t come in but because the prices of stuff is a bit higher the profit
stays pretty much the same.”

 

The Bank of England said earlier this month that it expected inflation to
fall "close" to its target level soon.

But it warned it wanted to see "more evidence" before deciding to cut rates,
which means August or September appear to be the most likely timing for a
first cut, if inflation continues to fall as expected.

The interest rate set by the Bank dictates the rates set by High Street
banks and money lenders. Higher rates mean people pay more to borrow money
for things such as mortgages and loans, but savers also receive better
returns.

"It feels like this should be a healthy dose of good news, but anyone with a
mortgage will be sickened to hear it’s not as good as it seems," said Mr
Coles.

Rob Wood, chief UK economist at research consultancy Pantheon
Macroeconomics, added that an August interest rate cut "looks much more
likely than a June reduction after services inflation shockingly barely fell
in April".

Danni Hewson, head of financial analysis at AJ Bell, agreed, adding that the
"expectation of a June rate cut has been washed away like confetti after
rain-soaked summer wedding".

She said financial markets expectations of a rate cut next month had
"plummeted from 50/50 to just over 10%".

Tackling it Together branding

How to keep energy use, and bills, down during warm months

Sarah Osborn has shared three tips to keep on top of energy use during the
warmer months:

If your hot water is too hot to wash your hands in, then your setting is too
high so turn the boiler down

Manage your draughts, such as putting a black bag with scrunched up paper up
an unused chimney, or limit other draughts around the home

Limit time in the shower to four minutes. The charity WaterAid has compiled
a playlist of four-minute songs to keep you to time-BBC

 

 

 

 

What went wrong for online car retailer Cazoo?

Online used car retailer Cazoo has fallen into administration, after cutting
hundreds of jobs as part of a big restructuring.

Cazoo became popular during the Covid pandemic when restrictions forced car
buyers to browse and make their purchases online.

But the loss-making company has been struggling to raise money from
investors, and in March changed its model from being a dealer, where it
bought and sold cars itself, to a marketplace where consumers can buy and
sell cars.

That move has led to 728 redundancies, administrators Teneo said, after
being appointed to try to find a buyer for the business.

Teneo said the firm's 208 remaining staff would be retained for the time
being during the administration process.

It is a dramatic fall from grace for the business, which surged in
popularity during the pandemic and subsequent lockdowns.

Back in 2021, if you hadn't used Cazoo, you probably would have seen or
heard of it. Its branding was splashed everywhere, with the company
sponsoring Premier League football teams Aston Villa and Everton, as well as
a host of other major sporting events like darts and snooker.

Cazoo was different to other more traditional car dealers - it was a tech
business trying to shake up a well-established order.

The platform allowed shoppers to buy, part-exchange and finance vehicles
entirely online. People could order while sitting on the sofa, and the
vehicle would be delivered to their home in as little as 72 hours, with a
seven-day returns policy.

Launched in late 2019, the pandemic massively boosted the firm's fortunes.
As well as Covid restrictions meaning people could only buy second-hand cars
online, a worldwide microchip shortage that disrupted new vehicle
manufacturing also played into Cazoo's hands as used car prices soared.

The environment fuelled an astonishing increase in the company's value. When
it listed on the New York Stock Exchange in September 2021, it was valued at
a whopping $7bn (£5bn). Now, its valuation has dropped to just $30m.

Online used car retailer Cazoo close to collapse

In November 2021, Cazoo's founder Alex Chesterman - who also launched
property website Zoopla and LoveFilm, a predecessor of Netflix - told the
BBC that gaining just a small percentage of the market would create an
"enormous business", arguing that Cazoo offered customers a simpler
experience, greater choice and transparency on price.

The platform went on to launch in France, Germany, Spain and Portugal. At
its peak, Cazoo employed 4,500 people in 2021.

But despite the mission to transform the car-selling industry, the feel-good
factor surrounding Cazoo began to 

One of the key people behind Cazoo's strong marketing campaign was Andrew
Francos, who joined the company shortly before it launched.

He says the early days were "really exciting times", but believes the firm
expanded too quickly.

"Looking back I think Europe was a distraction," he says. "I remember saying
to someone, 'Are we going too soon?' I was probably naïve to just buy into
the vision because I believed in it."

Mr Francos left Cazoo in October 2022, and admits he felt like the magic
surrounding the company had gone, but adds: "I did also think they would
turn it around."

'Cars are fundamentally different'

The business has never made a profit. While this is not unusual for a
start-up - in fact, Mr Chesterman said he expected this to be the case for
two or three years after going public - its losses grew.

In 2022 it posted a loss of £704m, up from £544m the year before, and in
December last year it restructured debts of $630m.

According to Catherine Faiers, chief operating officer at car marketplace
giant Auto Trader, while Covid saw a shift to online purchasing becoming the
norm for many goods, "cars are just fundamentally different to other things
you buy".

She says the majority of UK consumers prefer a blended approach of
researching online, but then seeing the car and speaking to a dealer in
person before handing over their cash.

"Buying a car is a bit like buying a house. It's the second-most valuable
thing that most people buy. We name our cars. When you ask people why they
own a car it reads a bit like the American constitution - 'I own a car
because it gives me freedom, it gives me independence, it's empowering,'" Ms
Faiers says.

 

Kevin Gaskell, former managing director of Porsche, Lamborghini and BMW,
says Cazoo's problems were down to a "simple fact of trying to get a
foothold in a very sophisticated, very established market".

"They believed that they could come in and become an online retail business
and provide a full service but car dealers are already doing that. There's
nothing new in the model that they developed," he told the BBC's Today
programme.

"They've spent a huge amount of money developing the brand. In terms of
their revenue, it has got nowhere near where they expected it to be."

Changes at the top

Mr Chesterman stepped aside as chief executive in January 2023 and perhaps
the writing was on the wall for Cazoo when he left the company altogether in
December.

His replacement, Paul Whitehead, stepped down in March this year - the same
time that Cazoo announced it had sold off its remaining stock and switched
to an online marketplace model, allowing car dealers to list their own stock
on its platform, and wound down its European business.

The company has said it explored "strategic alternatives" to insolvency,
including selling off parts of its business, as it struggled to raise cash
from investors, but no buyer came forward.

When contacted by the BBC for comment on Cazoo's downfall, Mr Chesterman
said he had had no involvement with the company for more than 18 months and
declined to comment further.

Philip Nothard, insight and strategy director at Cox Automotive, says Cazoo
did force many of the established players to adapt, but as supply problems
and microchip shortages have dissipated, it allowed others to catch up.

"They came in quick, they came in heavy, they came in with a concept that on
the face of it worked in many ways," he adds

"[But] in time, established retailers could offer what Cazoo were offering.
They could offer that digital omnichannel, e-commerce experience. And
essentially they had a physical infrastructure already in place."-BBC

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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

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

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

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



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


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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