Major International Business Headlines Brief::: 04 November 2024

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com         <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments        <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts        <http://www.twitter.com/BullsBears2010> Twitter         <https://www.facebook.com/BullsBearsZimbabwe> Facebook           <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn          <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp         <mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief:::  04 November 2024 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  The environmental campaigners fighting against data centres

ü  Hunt for Bitcoin's elusive creator Satoshi Nakamoto hits another dead-end

ü  Wegovy's creator invested £6bn in this town. So why is it not booming?

ü  DNA-testing site 23andMe fights for survival

ü  How Japan's youngest CEO transformed Hello Kitty

ü  Botswana: I Dare Not Fail, Says Botswana's New President Duma Boko

ü  Nigeria: Atiku, Presidency Trade Words Over Tinubu's Policies

ü  Kenya Coffee Prices Hit Crop-Year High, Defy Global Slump

ü  Nigeria: Dangote Sets Petrol Price At N990/Litre to Marketers, Says It's Cheaper Than Imported

ü  Nigeria: 'Your Record Tainted, Tinubu's Economic Reforms Essential', Presidency Rejects Atiku's Tutorials

ü  Ethiopia: Addis Ababa Set to Elevate Conference Tourism With Enriched Attractions

ü  Kenya: Nairobi to Gain More Water As Tunnel Nears Completion

ü  Ethiopia's Economy Has Continued in Tangible Progress

 


 <mailto:info at bulls.co.zw> 

 


The environmental campaigners fighting against data centres

Environmental campaigner Julie Bolthouse points out that Northern Virginia has the world’s largest concentration of data centres. This is not something she is thrilled about.

 

“We’re the Wall Street of the data centre industry,” says Ms Bolthouse, who is a director of local Virginian charity and campaign group Piedmont Environmental Council.

 

Data centres are vast warehouses that house stacks of computers that store and process data used by websites, companies and governments.

 

Northern Virginia, the northern region of the state of Virginia, has been a key location for data centres since the 1990s. This is thanks to its immediate proximity to Washington DC, yet with historically cheap electricity and land prices.

 

Centred on the city of Ashburn, which is 35 miles (56km) west of the US capital, there are more than 477 data centres in the state. This is by far the largest number in the US, with Texas in second place on 290, and California third with 283.

 

In fact, some studies say that 70% of the world’s internet traffic goes through Ashburn and the surrounding area, which has been dubbed “Data Centre Alley”.

 

Thanks in large part to the continuing boom in artificial intelligence (AI), which requires more computing power, demand for data centres is rocketing. As a result, global data centre capacity is expected to double over the next five years, according to a recent study by business analysis firm Moody’s.

 

Ms Bolthouse and other environmentalists in Northern Virginia are opposed to the continuing expansion of the data centre sector in their region, saying it is already having a major negative impact on their quality of life.

 

She points to new electricity cables being built over conservation land, parks and neighbourhoods, increased water demand, and the facilities’ back-up diesel generators affecting air quality.

 

Ms Bolthouse also cites the fact that households in Virginia and neighbouring Maryland are being expected to help pay for the electricity network upgrades that the data centres require.

 

She and fellow campaigners are fighting back. “We’re working directly on the ground, opposing each data centre application and working on the local zoning, and trying to educate our local planning commission and supervisors about the issues that we see. But we're also working at the state level.”

 

 

Similar campaigns against data centres are springing up all over the world, including in the Republic of Ireland, where such facilities use 21% of the country’s electricity.

 

"Our main objections to data centres revolve around their potential negative impacts on our climate, their sustainability, and local infrastructure," says Tony Lowes of Friends of the Irish Environment. "When data centres rely on fossil fuel, they potentially strain the electricity grid and can undermine national renewable energy commitments."

 

The group is continuing to challenge plans for a new €1.2bn ($1.3bn; £1bn) data centre in County Clare on Ireland’s west coast.

 

Mr Lowes adds that while Friends of the Irish Environment would prefer to see data centre development halted altogether, there are various mitigations that might help, including sites prioritising renewable energy, and implementing energy and cooling efficiency measures.

 

Hugh Kenny Electricity pylons along a road in AshburnHugh Kenny

Environmental campaigners in Ashburn are unhappy about the number of electricity pylons

 

The big players in the global data centre industry are trying to allay people’s concerns. This summer, for example, Microsoft launched its Data Center Community Pledge.

 

Microsoft is promising that by next year it will procure 100% renewable energy globally. And that by 2030 it will “achieve zero waste through a combination of waste reduction, reuse, recycling and composting”, and become “water positive”. The latter means that it aims for its data centres to return more water to the local supply than they use.

 

Meanwhile, Amazon Web Services (AWS) already uses recycled water for cooling in 20 of its 125 data centres around the world, and also says it will be “water positive” by 2030.

 

Josh Levi, president of the Data Center Coalition, which represents dozens of data centre operators including Amazon Web Services, Google, Microsoft and Meta, says that data centres are leading the way on clean energy use.

 

"For example, wind and solar capacity contracted to data centre providers and customers represented two-thirds of the total US corporate renewables market last year, and four of the top five purchasers of renewable energy in the US are companies that operate data centres," he says.

 

"The data centre industry is also unlocking greater energy savings and efficiencies for homes, businesses, utilities, and other end users – everything from smart thermostats to grid-enhancing technologies require the digital infrastructure provided by data centres."

 

The protests against data centres have also extended to South America, where campaigners say they have achieved successes.

 

In Uruguay, for example, Google changed the design of a new facility now under construction. It was initially due to be water cooled, but the US giant switched to an air-cooled system.

 

This followed protests in a country that has been experiencing droughts and a shortage of drinking water.

 

"Water use by Google in the initial proposal would have been equivalent to the daily consumption of drinking water by 55,000 people in our country," says María Selva Ortiz of Friends of the Earth Uruguay.

 

"This threat to the right to water amidst a water crisis raised strong criticisms, leading Google to change the proposed technology to cool down its equipment, so the project was modified. Chillers will cool down with air instead of water.”

 

In Chile, meanwhile, Google has halted plans for a data centre over similar water use concerns.

 

 

Back in Virginia, Ms Bolthouse says the firms need to do more to boost sustainability. In the long run, she says, it will be in the industry's own interests to improve data centres' environmental impact.

 

"What's going to happen if we continue with business as usual is that electrical prices are going to skyrocket for everybody, including the data centre industry - and that's their biggest bill, so that's going to impact them,” she says. “The water scarcity issue is also going to impact them.

 

“So I am optimistic that we're going to see a little bit of progress, but I think it's going to take time."-BBC

 

 

 

 

Hunt for Bitcoin's elusive creator Satoshi Nakamoto hits another dead-end

Bitcoin underpins a two trillion-dollar cryptocurrency industry, is now traded by the world's biggest investment houses and is even an official currency in one country.

 

But despite its meteoric rise, a deep mystery remains at its heart: what is the true identity of its founder, the elusive Satoshi Nakamoto?

 

Many have tried to answer that question, but so far all have failed. In October, a high-profile HBO documentary suggested that a Canadian bitcoin expert called Peter Todd was he. The only problem: he said he was not, and the crypto world largely shrugged it off.

 

So, inevitably, ears pricked up across our newsroom - and the crypto world at large - when on Thursday a call went out that the mysterious creator of Bitcoin was to, finally, unmask himself at a press conference.

 

There is deep interest in who Satoshi Nakamoto is in part because they are considered a revolutionary programmer who helped spawn the crypto industry.

 

Their voice, opinions and world view would be extremely influential on an industry with such a devoted and zealous fanbase.

 

But the fascination also stems from the fact that, as the holder of more than one million bitcoins, Satoshi would be a multi-billionaire, not least because the price of the coins is currently close to an all-time high.

 

Given that vast wealth, it was somewhat unusual to be asked by the organiser of Thursday’s press conference to pay for my seat at his grand unveiling.

 

A front row seat would be £100. It was another £50 if I wanted unlimited questions. Organiser Charles Anderson even encouraged me to spend £500 in exchange for the privilege of interviewing "Satoshi" on stage.

 

I declined.

 

Mr Anderson said I could come along any way but cautioned there might not be a seat for me, such was the level of anticipation.

 

As it happened, seating wasn’t a problem.

 

Frontline club private room event

The event was held in a private room at the prestigious Frontline Club

Only around a dozen reporters turned up to the prestigious Frontline Club - which interrupted proceedings at one point to stress it only provided a room, and not any official endorsement.

 

Very soon it became clear that all attendees were extremely sceptical.

 

After some digging it emerged both the organiser and the purported Satoshi were currently embroiled in a complex legal fight over fraud allegations - linked to claims to be Satoshi.

 

It was an unpromising start, and things only got worse from there.

 

Mr Anderson invited "Satoshi" to come on stage.

 

A man called Stephen Mollah, who had been sat silently on the side the whole time walked up and resolutely declared: “I am here to make a statement that yes: I am Satoshi Nakamoto and I created the Bitcoin on Blockchain technology.”

 

Over the following hour, reporters went from amused to irritated as he failed to provide any of the promised evidence for his claims.

 

Mr Mollah promised that he would make the Hail-Mary move of unlocking and interacting with the first-ever Bitcoins to be created - something that only Satoshi could do.

 

But he didn't.

 

I departed, along with other bemused reporters, taking with us any lingering doubts that this would prove to be yet another dead-end in the quest to unmask Satoshi.

 

 

What is Bitcoin? Key crypto terms and what they mean

Not another one

The list of those identified - unsuccessfully - as Satoshi Nakamoto is long.

 

In 2014, a high-profile article in Newsweek said it was Dorian Nakamoto, a Japanese-American man living in California.

 

But he denied it and the claim has largely been debunked.

 

A year later, Australian computer scientist Craig Wright was outed as Satoshi by reporters.

 

He denied it, before saying it was true - but then failed over many years to produce any evidence.

 

In the spring the High Court in London ruled that Mr Wright was not the inventor.

 

 

Tech billionaire and crypto enthusiast Elon Musk also denied he was behind the cryptocurrency after a former employee at one of his firms, SpaceX, suggested it.

 

Which brings us to the question: does it really matter?

 

The crypto market's current valuation means it is worth more than Google. And it seems inconceivable that the tech giant would play such a big role in our lives without people knowing who founded it, and owned a sizeable chunk of the firm.

 

Perhaps there’s good reason for the real Satoshi to keep schtum though. That bitcoin stash would make them worth an estimated $69bn and their life and character would no doubt be heavily scrutinised if they were found.

 

Peter Todd, who was named by the HBO documentary as being Satoshi, said the unwelcome attention he's received has made him fearful for his safety.

 

Many in the crypto world enjoy the fact that the mystery remains unsolved.

 

"No-one knows who Satoshi is and that's a good thing," Adam Back, one of its core developers (and another potential Satoshi candidate) posted on X recently.

 

Natalie Brunell, a Bitcoin podcaster, thinks Satoshi's anonymity is not only deliberate but essential.

 

"By concealing his true identity, Satoshi ensured that Bitcoin wouldn’t have a leader or central figure, whose personal agenda could influence the protocol," she told me.

 

"This allows people to trust Bitcoin as a system, rather than placing their trust in an individual or company."

 

Carol Alexander, professor of finance at Sussex University - who lectures on the history of Bitcoin - is less sure.

 

In her view, the circus around who Satoshi Nakamoto is distracts from people looking into - and getting to grips with - the more serious question of how cryptocurrencies might upend the way the economy works.

 

As I left the Frontline Club it was hard to compute the bizarre press event, beyond one obvious fact.

 

For now - and perhaps forever - the search for Satoshi continues.-BBC

 

 

 

 

Wegovy's creator invested £6bn in this town. So why is it not booming?

Kalundborg, a town of just 16,000 people on the Danish coast about an hour’s drive from Copenhagen, is as close as you might get to a modern-day gold rush town.

 

It's the main production centre for weight loss drug Wegovy. Semaglutide, used in Wegovy and diabetes drug Ozempic, is made in a factory here, and parent company Novo Nordisk has invested more than $8.5 billion (£6.5bn) in the town. That's nearly the entire GDP of Monaco.

 

But persuading people to actually live in the town could prove tricky.

 

There's an influx of workers and builders at the factory in the morning and an exodus in the afternoon - locals call it the "Novo Queue" and recommend avoiding the town's road for these hours each day.

 

Hardly any of the workers stay - they live outside and drive in.

 

So when there's £400,000 of investment per resident, what's there not to like?

 

 

Behind the rosy figures, Kalundborg faces many challenges, from rundown schools and low incomes to many children being overweight.

 

State school grades in Danish language and maths here are below the national average. Some on the town's periphery have few facilities inside or out, with just old swings in the playground.

 

A woman with blonde hair and sunglasses stands in front of a bare playground made of sand and run-down swings, in front of an old school building.

Some schools are run down in the town

 

“If you saw that, you will take one of the big cities around here and say, 'Well, we will live there and then I can drive to Kalundborg to work,'" regional councillor Helle Laursen Petersen tells me.

 

She says these schools are struggling to attract experienced teachers, helping to fuel low expectations among many parents.

 

After all, she says, they think their children will always get a job at the Novo Nordisk factory, so why bother trying to get to university?

 

Ali, Anna K, Anna and Marie at Gymnasium, the most academic secondary school in the area, tell me they want to leave to study.

 

"It might become interesting later, but as of now, I think it's a bit too boring to settle down here - I think I'd like a larger city," Anna K says.

 

But Ali and Marie are more excited about coming back after their studies, hopeful of more job opportunities in the town so they can enjoy its natural beauty more.

 

Novo Nordisk is ploughing investment into its new manufacturing plant in the town

 

Meanwhile Brian Sonder Anderson, who runs the Blue Angel cinema and is head of the local trader’s association, points out that supermarkets and bakeries are booming locally as factory workers flock to them on their lunch breaks.

 

But other shops, such as those selling shoes and clothes, quickly open then shut down again because of the number of workers living elsewhere.

 

Many families on low incomes live here, priced out of the capital Copenhagen where rents and property prices have soared - leaving some on benefits and others relying on work at the factory.

 

Kalundborg also has a health problem - it's in the highest 5% of Danish towns for children being overweight.

 

Novo Nordisk, meanwhile, is now Europe's most valuable company with a revenue last year of more than $33bn - bringing its market value to more than $500bn.

 

Investment in the town aims to add 1,250 jobs to the existing 4,500 employees at the Kalundborg plant and ramp up production of its best-selling drugs. While the company represents about 1% of the Danish workforce, it accounts for a more sizeable proportion of its growth.

 

Denmark's economic growth was 1.1% over the first nine months of 2023. But strip away the pharmaceutical sector, dominated by Novo, and the economy shrank by 0.8%. Some analysts have warned that parts of the country's economy risks becoming too reliant on the pharmaceutical industry.

 

The town's mayor Martin Damm is upbeat, insisting that more than 1,000 new jobs are being created here every year and some young people are happy to call it home.

 

“In Europe people are moving from the rural area into the big cities and this is going the opposite way," he says.

 

"This is the little city [that] attracts big investment."

 

 

A young man in a red T-shirt and sports kit stands facing the camera with a stern face on the edge of a football pitch with a team playing in the background and a sunset sky.

Miguel, 18, is hopeful about Kalundborg's future

He also insists that schools are being refurbished or already have good facilities - and that rising prosperity will, in time, lead to healthier lifestyles.

 

Miguel, an 18-year-old student from Madrid studying bio-technology on one of the new university courses in the town, has just joined a local football team with players from Brazil, Mexico, Poland and Ukraine.

 

"There's so many international people in this town and almost everyone that I've talked to in English has responded in English," he says.

 

Amanda, from Brazil, insists opportunities are here - she's landed a job, placed her two young children in a local school and hopes that they'll stay here for university.

 

 

Getty Images Brick church towers in striking Danish architectural style stand against a backdrop of blue sky with trees and neatly cut hedges in the foreground.Getty Images

The town is home to a famous five-tower church

A new highway is also being built to help ease the town's chronic congestion - but getting people to live here will be the real fix for that.

 

Students at the Gymnasium think the town is at something of a crossroads.

 

"In five years, I think the town [will have] grown quite a lot - I hope for a multi multicultural town," says Anna K.

 

"If that is so, then I might consider moving back."-BBC

 

 

 

 

DNA-testing site 23andMe fights for survival

Three years ago, the DNA-testing firm 23andMe was a massive success, with a share price higher than Apple's.

 

But, from those heady days of millions of people rushing to send it saliva samples in return for detailed reports about their ancestry, family connections and genetic make-up, it now finds itself fighting for its survival.

 

Its share price has plummeted and this week it narrowly avoided being delisted from the stock market.

 

And of course this is a company that holds the most sensitive data imaginable about its customers, raising troubling questions about what might happen to its huge – and extremely valuable – database of individual human DNA.

 

When contacted by the BBC, 23andMe was bullish about its prospects - and insistent it remained "committed to protecting customer data and consistently focused on maintaining the privacy of our customers."

 

But how did what was once one of the most talked-about tech firms get to the position where it has to answer questions about its very survival?

 

 

DNA gold rush

Not so long ago, 23andMe was in the public eye for all the right reasons.

 

Its famous customers included Snoop Dogg, Oprah Winfrey, Eva Longoria and Warren Buffet - and millions of users were getting unexpected and life-changing results.

 

Some people discovered that their parents were not who they thought they were, or that they had a genetic pre-disposition to serious health conditions. Its share price rocketed to $321.

 

Fast forward three years and that price has slumped to just under $5 - and the company is worth 2% of what it once was.

 

What went wrong?

 

According to Professor Dimitris Andriosopoulos, founder of the Responsible Business Unit at Strathclyde University, the problem for 23andMe was twofold.

 

Firstly, it didn’t really have a continuing business model – once you’d paid for your DNA report, there was very little for you to return for.

 

Secondly, plans to use an anonymised version of the gathered DNA database for drug research took too long to become profitable, because the drug development process takes so many years.

 

That leads him to a blunt conclusion: “If I had a crystal ball, I’d say they will maybe last for a bit longer,” he told the BBC.

 

“But as it currently is, in my view, 23andMe is highly unlikely to survive.”

 

The problems at 23andMe are reflected in the turmoil in its leadership.

 

The board resigned in the summer and only the CEO and co-founder Anne Wojcicki – sister of the late YouTube boss Susan Wojcicki and ex-wife of Google co-founder Sergei Brin – remains from the original line-up.

 

Rumours have swirled that the firm will shortly either fold or be sold - claims that it rejects.

 

"23andMe’s co-founder and CEO Anne Wojcicki has publicly shared she intends to take the company private, and is not open to considering third party takeover proposals," the company said in a statement.

 

But that hasn’t stopped the speculation, with rival firm Ancestry calling for US competition regulators to get involved if 23andMe does end up for sale.

 

What happens to the DNA?

Companies rising and falling is nothing new - especially in tech. But 23andMe is different.

 

"It's worrying because of the sensitivity of the data," says Carissa Veliz, author of Privacy is Power.

 

And that is not just for the individuals who have used the firm.

 

"If you gave your data to 23andMe, you also gave the genetic data of your parents, your siblings, your children, and even distant kin who did not consent to that," she told the BBC.

 

David Stillwell, professor of computational social science at Cambridge Judge Business School, agrees the stakes are high.

 

“DNA data is different. If your bank account details are hacked, it will be disruptive but you can get a new bank account," he explained.

 

"If your (non-identical) sibling has used it, they share 50% of your DNA, so their data can still be used to make health predictions about you.”

 

The company is adamant these kinds of concerns are without foundation.

 

"Any company that handles consumer information, including the type of data we collect, there are applicable data protections set out in law required to be followed as part of any future ownership change," it said in its statement.

 

"The 23andMe terms of service and privacy statement would remain in place unless and until customers are presented with, and agree to, new terms and statements."

 

There are also legal protections which apply in the UK under its version of the data protection law, GDPR, whether the firm goes bust or changes hands.

 

Even so, all companies can be hacked - as 23andMe was 12 months ago.

 

And Carissa Veliz remains uneasy - and says ultimately a much robust approach is needed if we want to keep our most personal information safe.

 

"The terms and conditions of these companies are typically incredibly inclusive; when you give out your personal data to them, you allow them to do pretty much anything they want with it," she said.

 

"Until we ban the trade in personal data, we are not well protected enough."

-BBC

 

 

 

How Japan's youngest CEO transformed Hello Kitty

Hello Kitty, arguably Japan's best loved creation, is celebrating her 50th anniversary.

 

But all has not always been well at Sanrio, the Japanese company behind the character. The business has been on a spectacular journey of financial peaks and valleys.

 

Hello Kitty has been ranked the second-highest grossing media franchise in the world behind Pokémon, and ahead of the likes of Mickey Mouse and Star Wars.

 

Underscoring her global fame, Britain's King Charles wished her a happy birthday during the state visit to the UK by Japan's Emperor and Empress in June.

 

In recent years though Sanrio had been struggling to make money, as interest in Hello Kitty waned.

 

Two previous surges in Sanrio sales, in 1999 and 2014, were both driven by the character's popularity. But these jumps in demand for the firm's products were not sustainable, says Yasuki Yoshioka of investment company SMBC Nikko.

 

"In the past, its performance had many ups and downs, as if it was on a rollercoaster ride," Mr Yoshioka says.

 

 

Sanrio Tomokuni Tsuji took over the top job at Sanrio in 2020.Sanrio

Tomokuni Tsuji took over the top job at Sanrio four years ago

Then, in 2020, Tomokuni Tsuji inherited the role as Sanrio's boss.

 

He is the grandson of the firm's founder, Shintaro Tsuji, and was just 31 at the time, making him the youngest chief executive of a listed Japanese company.

 

His grandfather then became Sanrio's chairman.

 

Under the younger Mr Tsuji's leadership, Sanrio changed its marketing strategy of its stable of other characters.

 

"It is not about lowering Hello Kitty's popularity but it is about boosting others' recognition," he says.

 

This resulted in Hello Kitty losing the position of Sanrio's most popular character.

 

According to a poll of customers, that spot is now held by Cinnamoroll - a blue-eyed white puppy with pink cheeks, long ears and a tail that looks like a Cinnamon roll.

 

Sanrio is also no longer just about cute characters.

 

If Hello Kitty is Japan's ambassador of cute, then angry red panda Aggressive Retsuko - or Aggretsuko - channels the frustrations of an ordinary working woman.

 

The character, which is popular among Gen Zers, first appeared in a cartoon series on Japan's TBS Television before it became a global hit on Netflix.

 

Another unconventional character is Gudetama, or "lazy egg", who is living with depression and fires out cold one-liners that reflect dark realities of life.

 

 

As well as diversifying its characters, Sanrio boosted its overseas marketing and is now tackling counterfeits more rigorously.

 

"We are now using artificial intelligence to detect fake products and to make removal requests," says Mr Tsuji.

 

For its marketing strategy, collaborations with major brands - including Starbucks, Crocs and the LA Dodgers baseball team - have been key, he added.

 

"In addition to our own promotion, by collaborating with global brands, we are trying to have our characters in the market throughout the year without many breaks."

 

 

Hello Kitty collaborated with the LA Dodgers, home to Japanese baseball sensation Shohei Ohtani

In a society that puts so much emphasis on seniority, Mr Tsuji's surname was crucial to his ability to make major changes at Sanrio.

 

Almost a quarter of listed companies in Japan, like car makers Toyota and Suzuki and camera firm Canon, are managed by members of the family that founded them.

 

The reason is cultural, according to Professor Hokuto Dazai of Nagoya University of Commerce and Business.

 

In Japan, home to the world's oldest continuous monarchy, "there is strong recognition of families and family businesses," he says.

 

The master-servant relationship from the samurai period has transitioned into the relationship between founding families and their employees, and "historically commoners never fought over the top job".

 

"It is also because Japan has a smaller pool of professional executives to choose from," says Professor Dazai.

 

"Firms tend to look for their next boss internally, including founding family members."

 

 

Still, "it would be a lie if I said there was no pushback" from other managers and employees in the company, Mr Tsuji says.

 

He also says he clashed with his grandfather over how to run the company.

 

"But one day I realised that I was being arrogant, trying to convince someone 60 years senior," he says.

 

"After about a year, my grandfather told me to run the company as I see fit - that he will leave it up to me."

 

The new boss's revamp of the business has been paying off so far.

 

Within two years of the younger Tsuji becoming chief executive, Sanrio was profitable again, in what analyst Mr Yoshioka calls "a beautiful V-shaped recovery".

 

Its share price has risen tenfold since 2020 and the company now has a stock market valuation of more than a trillion yen ($6.5bn; £5bn).

 

 

 

Away from the boardroom and stock market, there was also an intriguing incident earlier this year.

 

While Hello Kitty's true identity is relatively well-known in Japan, some overseas fans were shocked by comments from a Sanrio executive in July.

 

Speaking on US television, retail business development director Jill Koch told viewers that “Hello Kitty is not a cat” and is in fact a British schoolgirl.

 

Her comments sparked a flurry of social media posts, with fans expressing their shock and confusion about the revelation.

 

"Hello Kitty is Hello Kitty and she can be whoever you want her to be - she can be your sister, your mother, it can be another you," Mr Tsuji says.

 

Pushed on whether he has any idea why his grandfather decided not to make her Japanese, Mr Tsuji concludes: "London is an amazing city and it was the envy of many Japanese girls, so that may be one of the reasons they decided that she’s from London."

 

It may not be the definitive answer her fans are looking for - but after all, Hello Kitty was created 14 years before the younger Tsuji was even born. Half a century since her creation, it is possible that the beloved character's origin story will continue to be shrouded in mystery for years to come.

 

Find out more on Business Daily on the BBC World Service. You can listen again via the World Service website or download the BBC Sounds app.-BBC

 

 

 

Botswana: I Dare Not Fail, Says Botswana's New President Duma Boko

Botswana's new president took office on Friday after a fast transfer of power after elections that ended nearly 60 years of rule by the ruling Botswana Democratic Party (BDP).

 

Duma Boko was sworn in during a private ceremony with the chief justice three days after the elections. The elections resulted in the BDP losing power.

 

The 54-year-old human rights lawyer later gave a speech and held a press briefing that was shown live on state television. He spoke about his plans, like raising the minimum wage to 4,000 pula (about $300) and providing universal health insurance.

 

He said attracting investors is key, as well as working with mining companies while looking for ways to diversify the economy, which heavily relies on diamonds. This is seen as crucial for stabilizing the country’s finances.

 

The public ceremony to celebrate his inauguration will happen soon. Boko expressed that being president is a big responsibility, saying, "I dare not fail. I dare not disappoint."

 

 

 

 

Nigeria: Atiku, Presidency Trade Words Over Tinubu's Policies

The Presidency yesterday hit back at former vice president Atiku Abubakar, who flayed President Bola Ahmed Tinubu's administration for allegedly indulging in "trial-and-error economic policies," saying he would have acted differently if given the mandate.

 

Atiku, who contested the 2023 presidential election on the platform of the Peoples Democratic Party (PDP) but lost to Tinubu, said yesterday that the current administration is undertaking a "palliative economy", something his administration would not have done.

 

Atiku said unleashing reforms to determine an appropriate exchange rate, cost-reflective electricity tariff, and petrol price at one and the same time "is certainly an overkill".

 

 

The opposition leader noted that while he had advocated for subsidy removal, his administration would have gone for a gradual removal as was done in other countries like Malaysia (2022) and Indonesia (2022 -2023).

 

The former vice president said his journey of reforms would have benefited from more adequate preparations, more sufficient diagnostic assessment of the country's conditions, more consultations with key stakeholders and better ideas for the final destination.

 

He also said his administration would have launched an economic stimulus fund (ESF), with an initial investment capacity of approximately $10 billion to support MSMEs across all economic sectors.

 

"We would have been guided by my robust reform agenda as encapsulated in 'My Covenant with Nigerians', my policy document that sought to, among others, protect our fragile economy against much deeper crisis by preventing business collapse; our document had spelt out policies that were consistent and coherent.

 

 

"We would have been more strategic in our response to reform fallout. We would not over-estimate the efficacy of the reform measures or underestimate the potential costs of reforms," Atiku said.

 

But reacting, the Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga, said if he had won the election, Atiku would have plunged Nigeria into a worse situation or run a regime of cronyism.

 

He also said there was no need for Atiku to speak because his ideas, "which lacked details" were rejected by Nigerians in the 2023 poll.

 

"Abubakar lost the election partly because he vowed to sell the NNPC and other assets to his friends. Nigerians have not forgotten this, nor would they be comforted by Atiku's antecedents when he ran the economy in the first term of President Olusegun Obasanjo's government between 1999 and 2003.

 

"As vice president, Atiku supervised a questionable privatisation programme. He and his boss demonstrated a lack of faith in our educational system, and both went to establish their universities while they allowed ours to flounder.

 

"Talk is cheap. It is easy to pontificate and deride a rival's programmes even when there are irrefutable indices that the economic reforms yield positives despite the temporary difficulties," the Presidency said.-Daily Trust.

 

 

 

 

Kenya Coffee Prices Hit Crop-Year High, Defy Global Slump

Kenya's coffee prices rose to their highest level of the crop year in the latest auction, defying a global slump in coffee futures driven by improved weather in Brazil.

 

Kenyan arabica rose to $261 per 50-kilo bag this week, up from $251 at the previous sale, reflecting strong demand for the country's high-grade beans.

 

In contrast, December arabica futures in New York fell by 0.04 percent amid a broader decline, highlighting Kenya's sensitivity to global price shifts, as 95 percent of its coffee exports are sold abroad.

 

Robusta coffee prices declined further on Tuesday, reaching a two-month low as recent rainfall eased drought concerns.

 

Brazil's Minas Gerais, a key arabica-growing region, received 36.8 mm of rain last week--115 percent above the seasonal average--according to weather man.

 

The area contributes nearly 30 percent of Brazil's arabica output, and increased rainfall is expected to alleviate stress on coffee trees.

 

Below-average rainfall in Brazil since April has stressed coffee crops, impacting the 2025/26 arabica outlook.

 

In 2021, Kenya benefited from elevated global prices following a severe frost in Brazil that constrained supply.

 

Meanwhile, Kenya's government is advancing coffee sector reforms aimed at increasing farmer earnings by reducing intermediaries in the supply chain.

 

- Business Day Africa.

 

 

 

 

Nigeria: Dangote Sets Petrol Price At N990/Litre to Marketers, Says It's Cheaper Than Imported

Dangote Refinery has revealed that it sells Premium Motor Spirit (PMS) at N990 per litre for truck deliveries and N960 per litre for shipments. This pricing comes amid claims from fuel marketers that they can import the product at lower prices.

 

The refinery's spokesperson, Anthony Chiejina, in a statement on Sunday, said that any cheaper imports was likely to amount to substandard products. He highlighted that their prices were competitive, benchmarked against international rates, and aimed at supporting Nigeria's economy by promoting local refining.

 

The private refinery was responding to claims by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) that they can import petrol at lower prices from outside the country.

 

 

The refinery also asserted that the petrol product produced by it was cheaper than imported alternatives, despite claims from marketers that imported petrol is currently more affordable.

 

Chiejina insisted that the refinery's prices were aligned with international benchmarks--selling Premium Motor Spirit (PMS) at N960 per litre for ships and N990 for trucks.

 

Chiejina criticised the lack of regulatory oversight in Nigeria, emphasising the need to protect domestic refining and urging the public to disregard misinformation from competing marketers.

 

"We had lately refrained from engaging in media fights but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations.

 

 

Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices and we believe our prices are competitive relative to the price of imports.

 

"If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.

 

"Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.

 

"Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.

 

"In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.

 

"At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery's higher quality production.

 

This is detrimental to the growth of domestic refining in nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.

 

"While we continue with our determination to provide affordable, good quality, domestically refined petroleum products in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty," Chiejina stated.-Leadership.

 

 

 

 

Nigeria: 'Your Record Tainted, Tinubu's Economic Reforms Essential', Presidency Rejects Atiku's Tutorials

In a pointed response to former Vice President Alhaji Atiku Abubakar's recent criticism of President Bola Tinubu's economic reforms, the Presidency has questioned the Opposition Leader's track record on economic matters, describing it as "tainted" and emphasising the necessity of the Tinubu administration's reform agenda.

 

In a statement issued by the Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga, on Sunday night, the Presidency defended its policy decisions, pointing out that the former vice president's own economic approach was neither forgotten nor forgiven by Nigerians.

 

 

"Nigerians have not forgotten this, nor would they be comforted by Atiku's antecedents when he ran the economy in the first term of President Olusegun Obasanjo's government," Onanuga said.

 

He pointed to Atiku's role in what he described as a "questionable privatisation programme" and noted that the former Vice President and his principal Obasanjo "demonstrated a lack of faith in our educational system" by establishing their own universities while public institutions struggled.

 

"Talk is cheap. It is easy to pontificate and deride a rival's programmes even when there are irrefutable indices that the economic reforms yield positives despite the temporary difficulties," he added .

 

Onanuga argued that Atiku's recent criticisms lacked credibility, given his track record. "Abubakar lost the election partly because he vowed to sell the NNPC and other assets to his friends," he said, asserting that this pledge was remembered by voters who rejected Abubakar's bid in 2023.

 

 

"First, Alhaji Atiku's ideas, which lacked details, were rejected by Nigerians in the 2023 poll."

 

He also took aim at aAtiku's calls for a gradual approach to economic reforms, which he suggested would soften the impact of the policies on ordinary Nigerians. The Presidency, however, maintained that gradual reforms would be insufficient to address the country's challenges.

 

"His advocacy for a gradualist approach only showed that he was not in tune with the enormity of problems inherited by President Tinubu," Onanuga noted, describing the economic situation Tinubu inherited as one demanding decisive action.

 

The government's response highlighted that immediate action was required to tackle issues such as unsustainable fuel subsidies and arbitrage in the foreign exchange market.

 

"No leader worth his name will allow these two economic disorders to persist without moving to end them surgically," Onanuga asserted.

 

 

He emphasized that the Tinubu administration was prioritising long-term gains over short-term comfort.

 

While acknowledging Atiku's calls for reforms with a "human face," the Presidency affirmed that Tinubu's policies already prioritised support for vulnerable Nigerians.

 

"We have no problem with this as it resonates well with our administration's focus," Onanuga said.

 

He cited the government's emphasis on social safety nets and targeted assistance for those most affected by recent economic adjustments.

 

The Presidency characterised Atiku's criticisms as politically motivated.

 

"It is so easy to paint a flowery to-do list. It is expected of an election loser," Onanuga stated.

 

He reiterated the government's confidence in its chosen path: "Despite the futile attempt to hoodwink Nigerians again in his statement, it is gratifying that the former Vice President could not repudiate the economic reforms pursued by the Tinubu administration because they are the right things to do."

 

LEADERSHIP earlier reports that the former Vice President and presidential candidate of the Peoples Democratic Party (PDP) in the 2023 elections, Atiku Abubakar, urged President Tinubu to consider his recommendations for reviving Nigeria's struggling economy.

 

In a statement shared via his X handle (formerly Twitter), on Sunday, while Atiku expressed support for the removal of fuel subsidies and the unification of the naira exchange rate, he criticised the manner of the implementation of the policies by the Tinubu administration.

 

Atiku highlighted that while he is not in office, his suggestions were in the interest of the Nigerian people even as he accused the Tinubu administration of subjecting citizens to "excruciating pain" due to what he described as "trial-and-error economic policies."- Leadership.

 

 

 

 

Ethiopia: Addis Ababa Set to Elevate Conference Tourism With Enriched Attractions

Addis Ababa, Ethiopia's vibrant capital, known as the "political capital of Africa," is positioned to enhance its standing as a premier destination for conference tourism. As the headquarters of the African Union (AU) and the United Nations Economic Commission for Africa (UNECA), the city has long been a focal point for international diplomacy. Now, with new developments in tourist infrastructure and culturally rich attractions, Addis Ababa is prepared to host even more international conferences, summits, and meetings, bolstering both its tourism sector and the national economy.

 

Prime Minister Abiy Ahmed's Vision for Ethiopia's Tourism Landscape

 

 

Prime Minister Abiy Ahmed's visionary tourism initiatives, including projects like Sheger Park, Friendship Park, Unity Park, and Alala Kella, reflect a bold commitment to reimagining Ethiopia as a premier destination on the global stage. These attractions, each uniquely designed to showcase Ethiopia's rich cultural heritage and natural beauty, aim to create accessible, vibrant spaces for both locals and visitors. Sheger Park and Friendship Park blend modern infrastructure with Ethiopian traditions, offering serene urban escapes in the heart of Addis Ababa. Unity Park, located at the Grand Palace, stands as a powerful testament to the nation's history and unity, while the number of natural lodges developed across the country over the past few years inspire a sense of pride and resilience. Through these projects, Abiy envisions a transformed Ethiopia that celebrates its legacy while paving the way for sustainable tourism and economic growth.

 

Addressing the parliament on Thursday, Prime Minister Abiy Ahmed highlighted transformative government projects that are reshaping the tourism ecosystem, including the tourism development initiative and strategic corridor developments. These ambitious efforts have established a thriving environment for the growth of tourism, particularly conference tourism. "We are now in a position to reap the benefits of the efforts and projects we have previously undertaken," he noted, underscoring the government's commitment to sustaining this momentum.

 

 

The Prime Minister also emphasized Ethiopia's impressive record of hosting international events, with 20 major conferences held over the past three months alone--a significant increase from previous years. This surge reflects the success of ongoing tourism development projects and reinforces Addis Ababa's appeal to continental and global audiences. Additionally, he unveiled plans to expand Ethiopian Airlines' services, with a new mega airport and an order for 124 new aircraft, enhancing the nation's connectivity and capacity to host global events.

 

 

Transformative Tourist Sites as Catalysts for Growth

 

The Ethiopian government has introduced several key tourist sites that enhance Addis Ababa's appeal to international visitors. The new Addis Ababa Science Museum is a hub for innovation and education, featuring interactive exhibits and modern design that attract a diverse audience, from scientists to students. This site adds depth to the city's cultural offerings, making it a unique stop for conference attendees.

 

The Adwa Victory Museum, commemorating Ethiopia's historic victory at the Battle of Adwa, stands as a symbol of resilience and independence. It enriches the experience for visitors interested in Ethiopia's heritage, offering conference-goers an opportunity to engage with the country's history and gain insight into one of Africa's defining historical moments.

 

The city's urban corridor developments and eco-friendly lodges create inviting green spaces that promote eco-tourism and provide serene settings for conference attendees. These projects not only enhance the aesthetic appeal of Addis Ababa but also contribute to its sustainability and offer conference-goers a place to relax and rejuvenate after their professional engagements.

 

Leveraging Addis Ababa's Status as Africa's Diplomatic Hub

 

Addis Ababa's established role as the headquarters for the AU and UNECA solidifies its position as a central location for high-profile international conferences and diplomatic gatherings. This prominent status naturally draws leaders, diplomats, and professionals from across the globe, all of whom are likely to be drawn to the city's expanding array of modern venues and rich cultural sites. By providing conference-goers with diverse experiences--from state-of-the-art meeting facilities to historical landmarks--Addis Ababa becomes more than just a place for business; it is a culturally immersive destination.

 

On his official Facebook page, Prime Minister Abiy emphasized the importance of tourism in Ethiopia's economic growth, noting that the nation's new tourist sites and improved infrastructure have set the stage for a flourishing conference tourism industry. He highlighted Ethiopia's unique combination of scenic beauty, historical landmarks, and modern conference facilities as a strong asset for attracting global events to the country.

 

Ethiopia's Appeal as a Tourist Destination

 

Ethiopia offers a wealth of attractions, from the ancient rock-hewn churches of Lalibela to the breathtaking landscapes of the Simien Mountains, making it a compelling destination for travelers. Many of these sites are within reach of Addis Ababa, enabling conference attendees to extend their stays and explore Ethiopia's natural and cultural riches.

 

As conference tourism continues to grow, Addis Ababa's infrastructure--fortified by Prime Minister Abiy Ahmed's initiatives--presents a compelling case for international organizations to consider Ethiopia as a prime location for their events. By nurturing this sector, Ethiopia not only strengthens its economy but also enhances its role as a global crossroads of culture, diplomacy, and innovation.

 

With the government's commitment to expanding tourism and aviation, Addis Ababa is on track to become a thriving conference hub that will bring lasting cultural and economic benefits to Ethiopia.-ENA.

 

 

 

 

 

Kenya: Nairobi to Gain More Water As Tunnel Nears Completion

Residents of Nairobi City will soon enjoy increased supply of clean drinking water as the Northern Collector Tunnel in Murang'a is near completion, President William Ruto has announced.

 

He said the 11.8km tunnel will bring 140,00 cubic meters of additional water to the capital city daily, a much-welcomed reprieve to water-starved Nairobi estates.

 

"To those living in Kibra, Lang'ata and other places in Nairobi, we are working with the Nairobi County Government to sort out the water issue," he said on Sunday.

 

He spoke at the African Divine Church at Nairobi Primary School to mark 73 years since its establishment. The service, attended by thousands of worshippers, was led by Archbishop John Lilege Saiya Chabuga.

 

 

The President reiterated his commitment to make Nairobi more liveable through several initiatives such as the cleaning up of Nairobi River.

 

Pointing out that Nairobi hosts the United Nations Environmental Programme (UNEP), he said it is untenable for city residents to continue living in undesirable conditions.

 

"We cannot continue to live in a dirty city yet it is the headquarters of environment matters in the world," he said.

 

President Ruto pointed out that 10,000 young people have been employed under ClimateWorX Mtaani project to help clean and green the Nairobi River Basin.

 

The project will later be expanded to Kisumu, Mombasa, Eldoret and Nakuru cities. Later, it will be expanded to include all the 47 counties.

 

 

The President said he is focused on changing Kenya as he promised during the 2022 election campaigns through transformative policies and programmes.

 

On the Affordable Housing Programme, he said he will be commissioning the first 1,000 units in Nairobi next month, and whose tenants will be paying KSh3,000 a month to own the houses.

 

On healthcare, he said the new Social Health Insurance Fund (SHIF) will bring parity in access to medical care irrespective of financial ability.

 

Further, SHIF fully covers the treatment of chronic diseases such as cancer, diabetes and hypertension.

 

"For those who are not able to pay, the government of Kenya will pay for them," he said.

 

 

Similarly, President Ruto said the new funding model for universities and technical colleges will ensure that all Kenyans who qualify have access to higher education.

 

"We want to make sure that every child in Kenya, irrespective of their background, gets a chance in education," the President said.

 

In the other levels of education, he said the government has already employed 56,000 teachers and will employ an additional 20,000 in January.

 

President Ruto assured religious institutions that the government would not muzzle the Church in any way as the freedom to worship is constituonally guaranteed.

 

"We are going to work with the Church and other partners in all areas of our national development," he said.

 

On the rising cases of women killings, he said the government will deploy the necessary resources to the police to deal with the matter.

 

Saying the issue is both criminal and moral, President Ruto called on Kenyans to play their role in ensuring the safety of women and girls.

 

"Let us not finger point at who should have done what. We should begin by asking: What can I do as a citizen to stop this menace?"

 

Prime Cabinet Secretary Musalia Mudavadi said the resistance to some of the government's transformative programmes is being led by corruption cartels who have benefited from the old systems for long.

 

Among those present were Governors Johnson Sakaja (Nairobi), Susan Kihika (Nakuru), MPs, MCAs and other leaders.-Capital FM.

 

 

Ethiopia's Economy Has Continued in Tangible Progress

Recently, the 6th House of People's Representatives conducted its 4th year's 3rd regular meeting. On the occasion, Prime Minister Abiy Ahmed (PhD) gave a response to questions raised by the parliamentarians focused on myriads of economic, political, and social issues of the nation.

 

With regard to the ongoing economic reform, he said that in the first phase of the fiscal year, the government completed reforms in different sectors and started working on national revival. Therefore, in the fiscal year, the nation will see drastic changes in all sectors and will move forward to tomorrow by leaving the ideas of yesterday.

 

 

He also said that in the last fiscal year, Ethiopia recorded 8.1% growth. This is a great achievement worldwide. In this year's fiscal year, it is expected that 8.4% growth will be recorded. Among these, agriculture is expected to grow by 6.1%. By cultivating 30 million hectares of land, 1. 4 billion quintals of crop are expected to be harvested.

 

With regard to "Yelemat Tirufat" he said that it has become a sector with promising growth in a short period of time. In the budget year, the sector has recorded growth of 5.4%. For instance, 12 billion liters of milk are expected to be produced annually. 8 billion chicken eggs, 218 thousand tons of meat, and 297 thousand tons of honey will be produced annually.

 

The capacity to produce is also created. He also said that compared to the past years, 1 million quintals of production has been recorded in coffee. Currently, extensive work is underway to make Ethiopia the 2nd coffee producer in the world.

 

 

He further said that in the past years, a lot of work has been done to stimulate the industrial sector by the Ethiopian Manufacturing expansion endeavor. Especially, a better work has been done in solving the problems that were arising with the power supply. Currently, the production capacity of industries has been grown by 67%. It is expected that the industrial sector will grow by 12.8% in the budget year.

 

As it is known, agriculture is the main stay of the economy in which about 80% of the population has taken the sector as means of living. The majority of the population is engaged in small scale farming. As the sector is vulnerable to climate change and global warming, scale upping farming through irrigation system is essential. The sector's contribution to the nation's Gross Domestic Product (GDP) is 45% and still the sector plays pivotal role in the economy. But the growth witnessed in the sector plays insignificant role in transforming the economy. To attain sustainable development, building self- sustaining industry led economy is vital.

 

 

To achieve economic transformation, government has tried its level best through expanding of manufacturing because it is the base for the industrialization. Manufacturing can absorb the stranded rural labor force, boost export, substitute import, creates conducive environment for innovation and linkage with agriculture. That is why the government underlined the value of industrialization.

 

With regard to the Ethiopian airlines, part of aviation industry, the Prime Minister said that movement has been started to build the biggest airport in Africa. This new airport will also accommodate 100 to 130 million passengers per year. At present, the government has decided to buy 124 new airplanes. This will make Ethiopian Airlines not only the largest airport owner in Africa but also the largest airline. The service sector's contribution to GDP also will increase 7.1% in the budget year.

 

In the past macro-economic imbalance was a challenge for the nation including, shortage of hard currency, debt service, inflation unemployment and illegal trade. One of the objectives of the recently introduced economic reform focusing on the floating of exchange rate, Dollar against Birr is to cure the economic malaise.

 

Economists and Ministry of planning and Development endorsed that after the introduction of the new exchange rate to be determined by market, the inflow of remittance is increased by 20%, the inflow of Foreign Direct Investment is increasing, the volume of export is growing and illegal trade is reduced.

 

"Our economic system was much closed in the past. This has been making Ethiopia not to use as much as it should in foreign trade and foreign direct investment. By now, the macro economic reform will lay the foundation for Ethiopia," the Prime Minister reiterated.

 

He further said that following the reform of the macro economy, the government revenue has increased significantly. 180 billion Birr has been collected in the last three months. This is a better growth compared to the same period of the previous fiscal year. In the first three months of the 2023/24 fiscal year, the revenue collected was only 109 billion Birr. But Ethiopia earned these only from the total domestic product. In comparison, it is still a low income country. This should continue to improve.

 

In the past three months, 1.5 billion Dollar of revenue from export trade has been received. If we continue with this performance, at the end of the fiscal year, more than 5 billion Dollar of income will be received. This is an increase of 1 billion Dollar compared to the previous year. Especially the macro economic reform has brought a big difference in the gold production and export. In the last three months, 500 million dollar has been earned from gold trade. This shows how much gold trade is lucrative. In coffee production, 2 billion dollar is expected to be obtained in the budget year.

 

 

In addition, foreign direct investment has increased by 6.4%. The works that have been done especially by creating an environment conducive for investment is creating enabling environment to attract investment.

 

Ethiopia's abundant natural resources including, land, renewable energy sources, water and man power have made it the best option for investment. The macro economic reform has also opened a way to utilize this investment potential.

 

According to Prime Minister Abiy, 3.4 billion Dollar has come over the past three months from foreign countries to Ethiopia in different ways. Compared to the same period of last year, there is a huge increase. In the first three months of the last fiscal year, the amount of money that came from foreign countries to Ethiopia was 400 million dollars. In total, 27 billion dollars have come to Ethiopia through the macroeconomic reform.

 

The macroeconomic reform also enabled the nation to build its capacity to serve its debt burden. A few years ago, international financial institutions showed reluctance to provide loans to Ethiopia, but after the introduction of the new exchange regime, they began to provide loans to the country.

 

The government also banned drawing loans from local and foreign financial institutions. Reflecting on this issue, the Prime Minister said that the government has not taken any commercial loans in the past six years. Ethiopia's debt burden has been reduced from 30.6% to 13.7% in comparison to the total national production. In the coming years, a lot of work is ahead to reduce this figure to below 10%. In the past six years, excluding airline and telecom, 13 billion dollars of debt have been paid. This is not a cure, but it supports the government's efforts to pass on wages to the next generation.

 

In line with these, the reform in the macro economy has saved the Commercial Bank of Ethiopia from collapsing. The commercial bank has gotten a 900 billion dollar extended bond. The success of Commercial Bank of Ethiopia is motivating all the local banks. Currently, the banks' deposits have reached 3.5 trillion Birr. The number of banks has reached 32; 50 million customers in Ethiopia have mobile phones. Banks have just taken advantage of it. The government also opened the financial market to foreign banks, and the situation creates an opportunity to attract more foreign investment, and local banks need to be competent.

 

With regard to overcoming the skyrocketing living cost, the Prime Minister said that the government can overcome the cost of living sustainably by increasing productivity. Upgrading the business system is also of great importance. The government has allocated 300 to 400 billion Birr subsidy to prevent the cost of living burden on the low-income citizens.

 

Sharing of meals, school feeding, and Sunday markets are part of the government's effort to help the needy. Nationwide, 249,000 houses have been transferred to disadvantaged citizens. This is a work done by the government through browsing finance from investors. The inflation rate has been reduced to 17% by now; bringing this down to single digits is a priority of the government, the premier stressed.- Ethiopian Herald.

 

 

 

 

 


 


 


 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

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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

 


 

 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241104/811ca450/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241104/811ca450/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29356 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241104/811ca450/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29321 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241104/811ca450/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241104/811ca450/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241104/811ca450/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65556 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20241104/811ca450/attachment-0001.obj>