Major International Business Headlines Brief::: 28 May 2024

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Major International Business Headlines Brief:::  28 May 2024 

 


 


 

	
 


 

 


 

ü  Ethiopia Opens Up Many Economic Sectors to Foreign Investors

ü  Nigeria: Food Security - Agric Ministry Spends N309bn in One Year

ü  Nigeria: Again, Zenith Bank's Ebenezer Onyeagwu Bags Best CEO Award

ü  Malawi: Finance Minister Chithyola in Kenya for AfDB Annual Meeting -
Lobbies for More Financing Towards ATM Strategy

ü  Malawi: Despite Erratic Internet Connectivity, TNM Awarded 2024 Best
Internet Company in Malawi

ü  Nigeria: Standard Rail Gauge - Apm Terminals Creates Awareness With Rail
Trip

ü  Nigeria: Dubawa Launches AI Tools to Check Misinformation

ü  Nigeria: Govt, Labour Resume Minimum Wage Talks Today

ü  Nigeria Air Project Was Fraudulent, Remains Suspended - Keyamo

ü  Nigeria: Agriculture Injected N309 Billion, 60,000 Jobs Into Economy -
Kyari

ü  Beckham scores Euros deal with China tech giant

ü  Priced out of home ownership - 'It makes me want to throw up'

 


 

 


 <https://www.cloverleaf.co.zw/> Ethiopia Opens Up Many Economic Sectors to
Foreign Investors

Addis Ababa — Ethiopia and Türkiye have conducted a trade and investment
consultation forum in Istanbul, Ministry of Foreign Affair revealed.

 

Ethiopia's mission in Ankara organized the consultation forum in
collaboration with Türkiye's Trade Association, MUSIAD.

 

Foreign Affairs State Minister, Ambassador Misganu Arga, Ethiopian
Investment Holdings Deputy CEO, Yasmin Wohabrebi, Deputy Trade Minister of
Türkiye, Mustefa Tuzcu and President of MUSIAD, Mahmut Asmash were in
attendance at the forum along with more than 300 investors drawn from the
two countries.

 

On the occasion, Foreign Affairs State Minister Misganu highlighted
Ethiopia's investment potential and invited Turkish business community to
invest in Ethiopia in order to elevate the existing trade and investment
ties of the two countries.

 

 

The State Minister indicated the measures taken by the government of
Ethiopia to open up several economic sectors to foreign investors.

 

Ethiopian Investment Holdings Deputy CEO, Yasmin Wohabrebi for her part
discussed about investment opportunities explaining investment incentives in
Ethiopia among other related issues.

 

Turkish Deputy Minister of Trade, Mustefa Tuzcu and the President of MUSIAD,
Mahmut Asmash have also acknowledged Ethiopia's trade and investment
potential.

 

They said investing in Ethiopia is very much advantageous as the country has
huge market and is a seat of the African Union Headquarters.

 

The Turkish officials have also urged Türkiye investors to engage in
Ethiopia's investment activities.

 

- on ENA.

 

 

 

Nigeria: Food Security - Agric Ministry Spends N309bn in One Year

The Minister of Agriculture and Food Security, Abubakar Kyari yesterday said
that the ministry has spent N309 billion to boost food security in the
country over the past one year.

 

At a briefing on the sectoral update to mark the first anniversary of
President Bola Tinubu's administration in Abuja, Kyari highlighted several
achievements aimed at ensuring food and nutrition security, enhancing market
access and competitiveness, and generating employment in the agricultural
sector.

 

Some of the key initiatives implemented to drive food and nutrition security
according to the minister include; the launch of 2023-2024 dry-season
farming across 15 states, which supported 107,429 wheat farmers with produce
of 474,628 metric tonnes.

 

 

He said that the ministry has distributed 58,500 metric tonnes of milled
rice nationwide in an attempt to curb rising food prices.

 

According to Kyari, the ministry also undertook significant measures to
boost agricultural production and control food inflation which he itemised
to include; the distribution of improved seeds, fertilisers, agrochemicals,
and equipment to farmers.

 

He further stated that the ministry has implemented measures to combat
ginger blight disease and has developed 23 improved crop varieties and
promoted e-extension services to enhance farmer support.

 

He said that the ministry has also partnered with the Central Bank of
Nigeria (CBN) to distribute 2.15 million bags of fertiliser free of charge
to farmers.

 

Kyari further disclosed that the ministry has distribution of over 14
million doses of vaccines and has established numerous animal health centres
and other facilities including pest control operations to bolster livestock
production and animal health.

 

 

The minister noted substantial progress in mechanisation through
collaborations with international partners, resulting in the supply of
tractors and other machinery.

 

According to the minister, the ministry has trained and empowered 20,755
farmers, including youth and women, on agri-business and poverty reduction
across the country.

 

In rural infrastructure development, he said that the ministry has
constructed 77.8km of asphalt roads, including 130.9 km of earthen roads and
boreholes, and installed solar street lights which have created nearly
60,000 jobs in rural areas with other initiatives to manage agricultural
lands and address climate change including soil analysis, water conservation
training, and climate-smart agriculture practices.

 

Kyari said that efforts are ongoing to consolidate these achievements and
further develop Nigeria's agricultural sector, including enhancing
agro-industrial and agro-tourism sectors, and improving access to credit
through the Bank of Agriculture.

 

The minister reiterated the commitment to scaling up these successes to
improve food security and boost export potentials, while ensuring the
agricultural sector remains a key driver of Nigeria's economic growth.

 

- on Leadership.

 

 

 

 

Nigeria: Again, Zenith Bank's Ebenezer Onyeagwu Bags Best CEO Award

The group managing director/chief executive officer of Zenith Bank Plc, Dr.
Ebenezer Onyeagwu, has been named the 'Best Banking CEO of the Year in
Africa' at the International Banker 2024 Banking Awards, retaining this
title for the second consecutive year.

 

This award, published in the Spring 2024 issue of International Banker
Magazine, United Kingdom, coincides with Dr. Onyeagwu's completion of his
five-year tenure as Group Managing Director/Chief Executive Officer on May
31, 2024.

 

Speaking on receiving the award, Dr. Onyeagwu expressed his gratitude to the
publishers of International Banker for the honour. He stated, "It is indeed
an honour to be recognised as the 'Best Banking CEO of the Year in Africa'
for a second consecutive year. This award is a testament to our team's
collective efforts and our commitment to innovation, growth, and delivering
value to our customers and stakeholders. It also reflects our dedication to
sustainability and high ethical standards, which are integral to our overall
strategy. I am immensely proud of our accomplishments and look forward to
future opportunities for the bank as I hand over the baton to my successor
and begin the mandatory regulatory cooling-off period."

 

 

Dr. Onyeagwu dedicated the award to the Founder and Chairman of Zenith Bank
Plc, Dr. Jim Ovia, CFR, for his mentorship, which was crucial to his success
as Group Managing Director/CEO; to the bank's management team and staff for
their unwavering commitment over the past five years; and to the bank's
customers for their loyalty

 

In a statement, the bank said that throughout his distinguished tenure, Dr.
Onyeagwu has received multiple awards, including Bank CEO of the Year (2019,
2023) by Champion Newspaper, Bank CEO of the Year (2020-2023) by BusinessDay
Newspaper, CEO of the Year (2020 and 2021) - SERAS Awards, and CEO of the
Year (2022) - Leadership Newspaper, and Banking CEO of the Year, Africa
(2023) - International Banker.

 

Appointed as the group managing director/chief executive officer on June 1,
2019, as part of Zenith Bank's succession planning strategy, Dr. Onyeagwu
has led the bank to achieve significant milestones in financial performance,
financial inclusion, corporate governance, and sustainability. These
achievements have earned the bank numerous local and international awards,
including being named Best Bank in Nigeria for the fourth time in five years
from 2020 to 2022 and in 2024 by the Global Finance World's Best Banks
Awards; Best Bank for Digital Solutions in Nigeria by the Euromoney Awards
2023; being listed in the World Finance Top 100 Global Companies in 2023;
and being recognised as the Number One Bank in Nigeria by Tier-1 Capital for
the 14th consecutive year in the 2023 Top 1000 World Banks Ranking published
by The Banker Magazine.

 

- on Leadership.

 

 

 

 

Malawi: Finance Minister Chithyola in Kenya for AfDB Annual Meeting -
Lobbies for More Financing Towards ATM Strategy

Minister of Finance and Economic Affairs Simplex Chithyola Banda says Malawi
will utilise the African Development Bank (AfDB) annual meetings in Nairobi,
Kenya, to push for increased development funding and climate financing to
accelerate socio-economic growth.

 

AfDB started holding its annual meetings on Monday and the minister, who is
one of the governors of the bank by virtue of being Finance Minister, is
attending to discuss issues affecting Africa and how best the continent can
accelerate socio-economic transformation.

 

Speaking in an interview yesterday, Chithyola Banda said Malawi will push
for increased funding to support the economy's production sectors, adding
that the country wants more support towards agriculture, tourism, mining
(ATM) and energy.

 

 

He said: "We are expecting that the AfDB will continue supporting Malawi but
also increase the allocation of funding. As you are aware, we still have a
lot of issues that require financial attention.

 

"We are also expecting that they will also focus on providing technical
support, but also build our capacity in areas of energy, water and
sanitation and agriculture."

 

Chithyola Banda said the meeting will provide an opportunity to widen and
improve networking among the member States in the AfDB.

 

He said Malawi and other countries will push for climate financing to help
address issues of natural disasters.

 

"I will also be meeting the president of the African Development Bank and
the top leadership to present our case. Malawi has perpetually been hit by
natural disasters. There are also many other issues that if we can make a
good presentation to the African Development Bank, we might have some
projects being supported," said Chithyola Banda.

 

Just last week, the bank released $23 million (about K40 billion) budget
support towards the agriculture sector.

 

Secretary to Treasury Betchani Tchereni said in an interview that Malawi is
disadvantaged on the level of funding because of its low gross domestic
product (GDP).

 

He said there is need to have flexible conditions to enable countries with
low GDP access more funding to support developmental projects and improve
the lives of people.

 

This year's AfDB annual meetings are aimed at promoting Africa's
socio-economic transformation.

 

Currently, Africa is offtrack in terms of achieving United Nations
Sustainable Development Goals (SDGs) by 2030.

 

According to AfDB, for Africa to achieve the United Nations backed
Sustainable Development Goals (SDGs), it needs about $1.3 trillion a year,
which is equivalent to 42 percent of the continent's GDP for 2023.

 

- on Nyasa Times.

 

 

 

 

Malawi: Despite Erratic Internet Connectivity, TNM Awarded 2024 Best
Internet Company in Malawi

TNM Plc has been awarded as the 2024 Best Internet Connectivity company in
Malawi by the Information Technology Association of Malawi (ICTAM) during
during its recent Corporate Awards -- marking the second consecutive year
that TNM has scooped the award.

 

Corporate Affairs Manager, Limbani Nsapato says the recognition further
confirms TNM's ability to consistently deliver high quality and stable
internet services despite operating in a challenging environment --
characterized by unpredictable weather and macro-economic conditions.

 

TNM Plc, listed on the Malawi Stock Exchange competed with Airtel and Inq
Digital in the category and Nsapato said: "This accolade is a testament to
TNM's unwavering commitment to innovation and excellence in advancing the
ICT sector and driving the digital economy.

 

 

"At TNM, we continue to take command of technological advancements in
response to the dynamic needs of our customers in a fast-paced digital
economy."

 

Nsapato further said the award reaffirms TNM's position as trailblazer in
delivering seamless internet connectivity and empowering individuals and
businesses alike in the digital world.

 

He added that the award inspires TNM to continue pioneering innovative and
integrated mobile network and ICT services that respond to the customer
needs.

 

TNM is the pioneer of 5G network services which launched in 2023. The telco
is expanding its service to other parts of the country after Blantyre CBD
and City Centre in Lilongwe.

 

The company has also pioneered its own Master-card powered debit cards which
operate based on its mobile money platform, Mpamba.

 

This makes TNM the first operator in Malawi to provide convenience in the
retail experience sector and electronic ticketing for soccer matches.

 

"The ICTAM award will motivate us to continue delivering world-class
innovations by applying mobile network technology as a catalyst for helping
Malawi achieve her national growth ambitions as envisioned in the #MW2063
document," Nsapato said.

 

The panel of judges at the ICTAM awards singled out TNM as an important
driver of Malawi's sustained development through its cutting-edge innovative
offerings in the country through the internet services.

 

- on Nyasa Times.

 

 

 

Nigeria: Standard Rail Gauge - Apm Terminals Creates Awareness With Rail
Trip

Nigeria's largest container terminal, APM Terminals Apapa on Wednesday,
embarked on an awareness campaign on the standard gauge rail line with a
rail trip to Ibadan for its customers.

 

About 20 of its customers comprising of importers and exporters, were
present on the trip which began from Ebute Metta rail station, Lagos, ending
at the Moniya Freight Yard, Ibadan.

 

Last year, the terminal began the evacuation of cargo via the standard gauge
rail line from the Lagos Port Complex Apapa to Moniya Freight Yard in
Ibadan, Oyo State, to boost the handling of exports and imports.

 

 

Speaking on the trip, undertaken to create awareness on the opportunities
the standard rail gauge offers for the economy and ease of cargo delivery
for customers, the APM Terminals Nigeria Inland Sales Manager, David Abbey
underscored the critical role of rail in facilitating trade.

 

He said: "improving life for all by integrating the world"' is one of the
many reasons this product was created which gives the customers the option
of rail, road and barging of containers out of APM Terminals Apapa.

 

"The rail runs from APM Terminals Apapa to Moniya in Ibadan which connects
nicely to the North.

 

"The standard gauge rail line will guarantee safety, faster turnaround time
for cargo exchange, create reliability, predictability and ease of doing
business for our valued customers, in addition to creating a one-stop shop
for import, storage and export consolidation through container freight
station (CFS) operations at the rail terminal in Moniya Ibadan."

 

On his part, Market and Commercial Intelligence Manager for APM Terminals
Nigeria, Adetunji Igbaugba, encouraged importers and exporters to use the
standard gauge rail line for fast delivery of their containers to and from
Ibadan.

 

He said the Moniya Freight Yard has 8,000 square metres of land and a
warehouse measuring about 4,000 square metres which can be used for stuffing
and unstuffing of boxes.

 

"We do a lot of exports in Moniya. However, we need to continue to improve
on the processes to ensure that we surpass our customers' expectation like
scheduling and reliability. We will continue to partner with the Nigerian
Railway Corporation and other stakeholders to bring the needed efficiency
for the customers to have a better trust in the product and service," he
said.

 

The Executive Director, Bueno Logistics Limited, Jedson Nwankwo said the
Moniya Freight Yard, consisting of two terminals (A and B), is well
positioned to handle many containers.

 

He said Terminal A is operated by Diamond Star and Terminal B operated by
Bueno Logistics.

 

Also speaking, Director of Primlaks Nigeria Ltd - Logistics Division, Bhagu
Vasnani commended APM Terminals for the rail trip and assured of cooperation
to optimize the use of the standard gauge rail line and the Moniya Freight
Yard.

 

Other exporters who were part of the trip also commended APM Terminals for
the initiative.

 

- on Vanguard.

 

 

 

Nigeria: Dubawa Launches AI Tools to Check Misinformation

Nigerians can now verify information on WhatsApp in seconds by simply
texting the Dubawa Chatbot to ask whatever questions they may have.

 

The Chatbot, an Artificial Intelligence (AI) tool developed by Dubawa, a
project of the Centre for Journalism Innovation and Development (CJID) went
live on Monday when it launched in Abuja alongside the Dubawa Audio
platform.

 

The launch was part of the Journalism, Digital Tech and AI dialogue
organised by the CJID which drew speakers and participants from all over the
country.

 

 

Dubawa Chatbot

 

Monsur Hussain, the head of Innovation at the CJID, said the Dubawa Chatbot
is developed to give accurate and timely responses to claims or questions.

 

He said the tool has access to real-time internet data, unlike other AI
tools like the ChatGPT and MetaAI, both of which "do not have access to
real-time internet data."

 

To prove his point, Mr Hussain provided a prompt entered on Thursday in
which he asked both the Dubawa AI and MetaAI if Sanusi Lamido had been
reinstated as the Emir of Kano. The Dubawa AI answered in the affirmative
even though Mr Lamido's reinstatement was only hours before the prompt. The
MetaAI goofed, saying Mr Sanusi was removed in 2020 and has not been
reinstated.

 

Dubawa Audio

 

Mr Hussein also said the Dubawa Audio platform can monitor radio programmes,
listen to them and extract verifiable claims from them.

 

 

He said a lot of claims made on the radio are usually undocumented due to
the nature of the radio. This makes it difficult to track claims made on it
for verification.

 

"Radio is a mass source of information in Africa. A lot of people listen to
the radio daily. But then due to the transient nature of the radio, there's
really no way to keep track of everything that's going on the radio," he
said

 

But the Dubawa Audio platform can be programmed to monitor certain radio
programmes, transcribe them and extract verifiable claims for fact-checkers.

 

Testing Chatbot

 

PREMIUM TIMES put Dubawa Chatbot to two tests.

 

In the first task, this newspaper asked the AI tool about itself. "Who is
Dubawa Chatbot?," our reporter texted the Dubawa Chatbot.

 

 

In seconds it spits out a brief response with ten web links as evidence to
back its answer.

 

"The Dubawa Chatbot is an AI tool built to provide answers to everyday
questions regarding viral misinformation and disinformation in the
information ecosystem," the chatbot wrote back, adding "It aims to reduce
the spread of harmful and misleading content online by offering results and
references from credible sources."

 

The reporter also asked the AI tool if President Bola Tinubu reviewed the
concession of airports.

 

"Yes," it replied again in seconds. "Bola Tinubu's government has started a
review of the airport concession process to ensure transparency. The
Minister of Aviation and Aerospace Development, Festus Keyamo, announced
this during a press briefing to mark President Bola Tinubu's one year in
office. The review aims to ensure major airports operate at international
standards, with a master plan being developed for this purpose."

 

The AI tool also provided seven web links to back up its response, including
this PREMIUM TIMES story about the review of concessions, published only
hours before it was asked.

 

Citizens Gavel, Dataphyte, ChatVE display other AI tools

 

Meanwhile, the Chief Executive of Civil Society Organisation, Citizen Gavel,
Nelson Olanipekun and the Director of Dataphyte, Femi Amele, also presented
AI tools developed by their team.

 

Israel Tijani, a Data Scientist, also presented ChatVE another AI tool for
verification.

 

Mr Olanipekun showcased the PodusAI, a tool fed with Nigerians' laws and the
ability to answer questions related to the laws. Mr Olanipekun also
demonstrated how the PodusAI could draft a comprehensive Freedom of
Information (FOI) letter or a petition in seconds by simply giving it a
prompt.

 

Mr Amele demonstrated how the NubiaAI tool of Dataphyte can help journalists
come up with a first draft of a story from available datasets.

 

Meanwhile, Mr Tijani showed how the ChatVE can be tagged on Facebook,
Instagram and X to fact-check any post and reply in the comments.

 

CJID's AI Dialogue

 

The Journalism, Digital Tech and AI Dialogue organised by the CJID was held
at the Abuja Continental Hotel in Nigeria's capital city.

 

The dialogue had speakers from the Media and Civil Society Organisations
(CSOs), dissecting the AI, Deepfake and Disinformation landscape; the
opportunities for Nigeria; the current state of AI and digital
transformation in media and CSO practice in Nigeria as well as the ethics
and safety concerns in the adoption of AI.

 

Delegates were drawn from the academia, the media and the CSO space.

 

- on Premium Times.

 

 

 

 

Nigeria: Govt, Labour Resume Minimum Wage Talks Today

The tripartite committee for the negotiation of national minimum wage will
reconvene today to continue negotiations with the expectation of reaching an
agreement regarding new wages for workers.

 

The development comes after a recent breakdown in talks and conflicting
proposals from both parties.

 

LEADERSHIP had reported how organised labour gave the federal government an
ultimatum of 31st May 2024 to come up with an acceptable wage figure that
reflects current economic realities.

 

While the federal government has shifted ground from the earlier offer of
N48,000 to N57,000, the labour union also reduced the benchmark figure to
N497,000 from the previous position of N615,000 as the best monthly wage for
public workers.

 

Labour laments the unwillingness of both private employers and the
government to negotiate a fair national minimum wage for workers in Nigeria,
citing discrepancies in the presented figures.

 

They further stated that the lack of substantiated data from the government
to support their offer has only worsened the situation.

 

They considered that to undermine the credibility of the negotiation process
and erode trust between the parties involved.

 

- on Leadership.

 

 

 

 

Nigeria Air Project Was Fraudulent, Remains Suspended - Keyamo

The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo,
yesterday, disclosed that the Nigeria Air project unveiled by the
ex-president Muhammadu Buhari-led administration remains suspended even as
he described the project as fraud.

 

Keyamo, who was part of the Buhari government, said this while giving
details about the project.

 

He noted that the national carrier that was supposed to be an indigenous
project and was supposed to spark hope for Nigerians, was trailed by a lot
of secrecy and fraudulent activities.

 

He explained that there was never a project to that effect but, "An
Ethiopian Airline disguising as Nigerian Air with an Ethiopian National
Flag."

 

 

While fielding questions from journalists during the second day of the
Ministerial Sectorial update in Abuja, he maintained that the project
remains suspended, adding that it was anti-Nigeria.

 

According to Keyamo, "It was never Air Nigeria, it was Ethiopian trying to
fly our flag. It was not Air Nigeria. That is the truth. It was not Nigeria.
It only printed Air Nigeria.

 

"It was an Ethiopian airline trying to fly our flag. If it is so, why not
allow our local people to fly our flag? Why bring a foreigner to fly our
flag?

 

"So nobody should deceive you that Air Nigeria must be indigenous, must be
wholly Nigeria or must be for the full benefit of Nigerians. Note that 60
per cent of the profit is given to another country. How does that benefit
us? It remains suspended. It remains so," he said.

 

 

Speaking further on some of the steps so far taken to boost activities in
the aviation sector, Keyamo highlighted the commencement of cargo flights,
stating that, "it will enable Nigeria to tap into the $6 trillion global
cargo market."

 

"We have agreed that we're going to resume cargo flights between Nigeria and
Saudi Arabia. This has been suspended for a long time but now cargo flights
are back.

 

"Guess what? Air cargo trade accounts for 35 per cent of the world trade
deficit and air cargo trade according to the International Air Transport
Association, IATA attracts about $6 trillion annually and we're missing you
know, within that sector we were missing in many routes around the world and
we have achieved that," he said.

 

Speaking further on his achievements, the Aviation Minister said all trapped
funds of foreign airlines have been cleared.

 

His words: "We all know this issue was the issue of trapped funds of the
international airlines. Their funds were trapped here because of lack of
liquidity on the part of Nigeria because of so many subsidies we pay with
our foreign earnings.

 

 

"Also, foreign airlines were threatening to stop operating in Nigeria. Now,
I must give credit to all those in the financial sector for this. We had to
work closely with the Central Bank of Nigeria and the Minister of Finance,

 

"We had to work closely with all of the ministers in the financial sector
and by our persistence we are happy to announce that we have cleared all the
trapped funds."

 

Further highlighting his achievements, the Senior Advocate of Nigeria (SAN),
pointed out that issues surrounding the second runway at Abuja's Nnamdi
Azikiwe International Airport were addressed within two weeks of his
appointment, promising enhanced airport capacity and operational efficiency.

 

He explained: "The issue of the Abuja airport second runway has been there
since Obasanjo administration, as a SAN, I had to deploy my expertise to
resolve this imbroglio.

 

"Imagine we are holding a world conference of various Heads of Government,
and something happened at the only runway we have, do we cancel the event?
So, the project is currently ongoing after meeting with the settlers."

 

He added that the current administration under his leadership as Aviation
and Aerospace Development Minister, efforts have been geared towards
prioritising and assisting local airlines.

 

He disclosed that the move was to help the country take full advantage of
its reciprocal right under the BASA agreement with various countries.

 

Keyamo further said the open sky operation with the United States have
begun, explaining that Nigerians would begin to enjoy unrestricted number of
flights to the US, deployment of any kind of aircraft on those routes, and
with multiple entry points.

 

On airport concessions, Keyamo disclosed that concession of the four major
international airports would have to start all over again, stating that
advert placement have begun.

 

"Until full concession is in place in our four major airports, nothing will
work," he stressed.

 

He, however, said within the next six months, the aviation sector would
witness more growth under his watch.

 

- on This Day.

 

 

 

Nigeria: Agriculture Injected N309 Billion, 60,000 Jobs Into Economy - Kyari

Abuja — Minister of Agriculture and Food Security, Senator Abubakar Kyari,
yesterday disclosed that the various interventions by the ministry in the
agricultural sector had injected N309 billion into the economy within one
year.

 

He added that the interventions had generated about 60,000 jobs in various
rural economies.

 

Speaking at the Ministerial Sectoral Update press briefing organised by the
Ministry of Information and National Orientation as part of activities to
mark the first year in office of the present administration, the minister
said the government had aided the launch of dry season farming with
cultivation of 118,657 hectares of wheat in 15 states in the acceleration of
all-year-round farming.

 

 

He said the government had supported 107,429 wheat farmers with inputs
resulting in an output of 474,628 metric tonnes.

 

Kyari stated that in response to the presidential directive, the ministry
released 42,000metric tons of assorted food commodities from the FGN
Strategic Food Reserve to NEMA for distribution to vulnerable Nigerians.

 

He said the ministry also procured and distributed 58,500 metric tonnes of
milled rice to all states and the FCT to dampen escalating prices.

 

To further boost food security, Kyari said the ministry had also engaged in
the fortification of crops with Vitamin A micro-nutrients to enrich the
nutrition content and health value of food commodities.

 

To also boost food self-sufficiency, the minister disclosed that President
Bola Ahmed Tinubu had approved the direct purchase of 2,000 tractors from
John Deere, an agro-equipment manufacturing company to support the
mechanisation of the agricultural sector.

 

 

He said the approval is in line with the government's determination to
ensure food security through mechanisation.

 

The minister explained that the president's intervention came as a result of
the inability of John Deere to meet an initial Memorandum of Understanding
(MoU) it entered into with the federal government last year to assemble
in-country and supply 10,000 tractors with implements and accessories at
2,000 units yearly due to some challenges beyond their control.

 

Kyari said 500 tractors are already on their way into the country, adding
that the government remained committed to ensuring that farmers increase
their production.

 

On the popular famous Achor Borrowers Programmes (ABP) which was launched by
the Central Bank of Nigeria (CBN) but now appeared to have been suspended
despite its benefits, the minister pointed out that said the programme had
not been jettisoned stressing that it is currently been reviewed to learn
from the mistakes made during its implementation.

 

However, he said given the achievements recorded in the first year of
Tinubu, the tasks ahead would be to consolidate and scale up the feats,
develop the agro-industrial and agro-tourism sector, and reposition as well
as recapitalise the Bank of Agriculture (BoA) and Nigerian Agricultural
Insurance Corporation for access to credit and de-risking agricultural
production.

 

The minister also said strengthening of agricultural institutions and
agencies including NADF, universities, research institutions and colleges of
agriculture would be crucial going forward.

 

He said the government would also improve agricultural production and and
food security and boost export potential.

 

- on This Day.

 

 

 

Beckham scores Euros deal with China tech giant

David Beckham has signed a deal to be a global ambassador for AliExpress, an
online retail platform owned by Chinese technology giant Alibaba.

The announcement comes as the Euros football tournament is due to kick off
in Germany next month.

The company did not reveal how much it is paying the former England captain.

In March, AliExpress agreed an exclusive e-commerce platform partnership
with European football's governing body UEFA.

Under the deal, the football superstar turned entrepreneur will be the face
of AliExpress' Score More promotion, which will run during games.

“AliExpress is helping fans get even closer to UEFA EURO 2024 this summer,
by offering them great prizes as the action takes place on the pitch,” David
Beckham said.

AliExpress joins other major Chinese firms that are sponsoring the Euros,
including electric vehicle maker BYD and electronics giant Vivo.

Since hanging up his football boots more than a decade ago, Beckham has been
linked to a host of brands and major sporting events.

According to the Sunday Times Rich List, Beckham and his wife Victoria, a
former Spice Girl and fashion designer, have a combined fortune of £455m
($581.6m).

After the Paris Olympics and Paralympics, the tournament is set to be the
biggest sporting event of the year.

A total of 2.7 million tickets were made available for the competition,
which runs from 14 June to 14 July across 10 cities including Munich and
Hamburg.

According to UEFA, the 2020 Euros had a total global live television
audience of 5.2 billion. The final, that England lost on penalties, was
watched by 328 million people, it said.-BBC

 

 

 

Priced out of home ownership - 'It makes me want to throw up'

When Nathan Wilkins moved back in with his mother and sister in 2019, he
hoped it would help him save money to buy a home.

But in the years since, the US housing market has been transformed by rising
rents, surging home prices, and a massive jump in mortgage rates, making
homeownership seem ever more impossible.

He and his sister are making more money than ever, the 32-year-old insurance
adjuster from Utah says. But shelling out $2,500 (£1,960) a month in rent
doesn't leave much left over.

“It’s like I’m playing a game that you can’t win,” he says. “The fact that
we’re being priced out just makes me want to throw up.”

Such frustrations are spreading, fuelling dissatisfaction and contributing
to the widespread pessimism about the US economy that is looming over the
country's upcoming election.

The median home sale price in the US has jumped by nearly 30% since the end
of 2019, hitting $420,000 this spring.

At a time of rising property values globally, the leap has been one of the
most dramatic in the world, according to the International Monetary Fund.

 

And that's not factoring in the added costs from higher interest rates,
which now stand at roughly 7% for the 30-year, fixed-rate mortgage that is
typical in the US, up from about 3% in 2020.

Homebuyers today need an annual income of more than $100,000 - well above
the country's household median of about $75,000 - to comfortably afford a
home in most places in the US, research firms such as Zillow and Bankrate
say, and face monthly payments that have roughly doubled in just four years.

Getty Images Megan Holter and her wife Sonia outside their new home in
ColumbusGetty Images

Megan Holter (right) and her wife Sonia outside their new home in Columbus,
Ohio

“It makes me cry a bit,” says Megan Holter, who started looking to buy in
Austin, Texas, back in 2019, when banks were offering her a 30-year fixed
rate of about 4.75%.

She halted her search when the pandemic hit, priced out by the surging cost
of building materials and homes.

She and her wife finally bought a home this year, but only after swallowing
a 6.625% rate - and moving 1,200 miles north to Columbus, Ohio, a spot
selected from a spreadsheet she created of cities with lower costs.

“Housing affordability was the number one thing that we’ve been considering
for five years,” says the 30-year-old, who also switched jobs from the
public sector to the private sector to make homebuying happen.

“We have moved mountains to make it possible.

“I’m just eternally grateful that we can afford it. I know a lot of other
people cannot," she adds.

Just 40.1% of renters expect to ever own a home one day, according to the
New York Federal Reserve, the smallest share since the bank started asking
renters the question in 2014.

Even homeowners, whose long-term mortgages shield them from immediate
financial impact and who benefit from rising property values, tell pollsters
that the changes in the market are a source of concern – as they push up
property taxes and insurance costs, while making moving a less affordable
prospect.

Nearly one third of all households now spend more than a third of their
income on housing - the standard cut-off for affordability - the highest
level since 2015, according to Harvard's Joint Center for Housing Studies.

A recent Harris poll found more than 70% of Americans believe the market is
only going to get worse.

Getty Images Joe Biden has promised to help bring down high housing
costsGetty Images

The issue is feeding into wider worries about rising living costs, which
have jumped 20% since 2021.

It is among the biggest challenges facing President Joe Biden, whose time in
office has coincided with the housing market's transformation and who
receives dismal ratings for his handling of the economy in national polls.

Challenger Donald Trump, who fares better, has sought to blame Mr Biden for
inflation, and though he does not typically call out housing specifically,
he regularly spotlights "skyrocketing" interest rates to argue that the
economy is heading in the wrong direction.

"Inflation has been a political noose for Biden in recent years," says Brian
Connolly, professor of business law at the University of Michigan's Ross
School of Business, whose work focuses on housing issues. "Housing costs are
another place where people are experiencing this financial squeeze."

In recent months, the White House has tried to address concerns about
affordability head on, offering proposals such as rules to limit closing
costs and a $10,000 tax credit for first time homebuyers.

It marks a shift in tone, after years of focusing on the economy's
strengths, including low unemployment. But with few immediate levers for Mr
Biden to pull, it's not clear the efforts are resonating.

His support has especially eroded among younger people - whose record
turnout in 2020 helped put him in office. Voters in this demographic are
least likely to own homes and most likely to see housing affordability as a
top concern.

"I don't see any platform that purposely looks out for somebody like
first-time homebuyers, wanting to ease their pain," says Braiden Dogherty, a
30-year-old from Florida who works in manufacturing and has been checking
for houses daily for three years.

Despite a $50,000 inheritance, no debt, and decent jobs, he and his wife
can't find an affordable two-bedroom near their families in the Orlando
area.

He says the problem of housing costs is too big to blame on any one
politician or party, but the seeming lack of solutions has contributed to
his wider political disillusionment. He is uncertain how he will vote in
November.

"I'm fed up," he says. "Housing is part of it."

 

The growing outcry has raised pressure on the US central bank to cut
interest rates to bring relief, a move Federal Reserve chairman Jerome
Powell has said is likely at some point.

But expectations that a cut would happen early this year, helping to improve
the country's mood, have been steadily pushed back. This reflects concerns
that progress in lowering inflation - which was hovering at 3.4% in April,
still well above the bank's 2% target - could be stalling.

Julia Mokhnatkiina (JM Photos Inc) Mimi Than and her husband on a busy
streetJulia Mokhnatkiina (JM Photos Inc)

Mimi Than and her husband are among those affected by the rise in interest
rates this year

Instead, since January mortgage rates have mostly moved higher.

Mimi Than, a 29-year-old who recently bought a three-bedroom condo in the
Boston, Massachusetts area, says she is facing roughly $200 more in monthly
costs than when she and her husband were pre-approved for a loan in March.

They did not lock in the rate then, unaware borrowing costs might shift
significantly. When they returned to their lender in April after making an
offer, the interest rate they were offered was 6.9%, up from 6.5%.

She’s hoping that they will drop back later this year, allowing them to
refinance.

"I'm obsessively checking the rates," she says.

Many analysts maintain it is only a matter of time until inflation slows
down, clearing the way for a cut.

They note reports by private firms that show rental increases - which play a
big role in calculations of US inflation - cooling from the torrid pace of
the pandemic amid a jump in apartment supply.

With wages growing, an increase in new homes under construction and rents
and home prices rising more slowly, Orphe Divounguy, senior economist at the
housing site Zillow, says he sees affordability challenges easing as well -
albeit not in time for November's election.

Getty Images  worker installs electrical wiring in a home under construction
in Kyle, Texas, US, on Monday, March 18, 2024.Getty Images

New home construction has increased significantly from pre-pandemic levels,
but supplies still fall short of demand

"It's working itself out," he says. "We still have a long way to go, of
course, but we're seeing some improvement and I think we're going to see
more improvement."

But there's a gloomier view.

With more people priced out of homeownership, rental rates may prove more
resilient than expected, keeping inflation elevated.

And if mortgage rates do not drop significantly, the step-change in
borrowing costs may act as a long-term constraint on supply, as builders
pull back and homeowners who secured mortgages when rates were lower forego
moving.

Braiden, from Florida, sees no easy fix from the Fed, which he fears helped
shape the current crisis by letting rates stay unusually low in the decade
after the 2008 financial crisis.

"No matter what happens - whether they raise, lower or hold them - I feel as
though the next decade is probably just going to be difficult no matter what
for most people," he says-BBC

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

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