Major International Business Headlines Brief::: 07 November 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  07 November 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Oil Marketers Seek to Dismiss Dangote Refinery's Suit

ü  Kenya's Communications Authority Under Fire Over Lack of Consumer
Protections for Data Expiries, Internet Disruptions

ü  Nigeria: Oyo Govt Approves New Minimum Wage for Workers

ü  South Africa: 'Young Leaders No Longer Waiting For Seats But Creating
Their Own' - Climate Leader at Earthshot

ü  Mozambique: Post-Election Internet Restrictions Hinder Rights

ü  Ethiopian Becomes First African Carrier to Own Airbus A350-1000

ü  Ethiopia Poised to Be Primary Beneficiary Within Brics Bloc - Ambassador
Terekhin

ü  Africa: Trump Win Could Jeopardise Agoa Renewal, Putting Africa At a
Crossroads

ü  Mauritius' Social Media Shutdown - a Worrying Sign That Civil Rights Are
Slipping

ü  Somalia: U.S. Forgives $1.14 Billion Debt to Somalia's Economic Recovery

ü  Nigeria: National Grid Collapses 9th Time in 10 Months

ü  Liberia: EPA Investigates Rubber Giant Firestone for Alleged Water
Pollution

ü  Will Trump's victory spark a global trade war?

ü  Bank of England expected to cut interest rates

ü  Australia plans social media ban for under-16s

 


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Nigeria: Oil Marketers Seek to Dismiss Dangote Refinery's Suit

The marketers requested that the court dismiss Dangote's claims, insisting
that competitive practices are essential to Nigeria's economic health and
the oil sector's viability.

 

Three oil marketers, AYM Shafa Limited, A.A. Rano Limited and Matrix
Petroleum Services Limited, have asked a Federal High Court in Abuja to
dismiss a suit filed by Dangote Petroleum Refinery and Petrochemicals
challenging the issuance of import licences to them.

 

Dangote Refinery, in suit number FHC/ABJ/CS/1324/2024, had earlier requested
the court to award N100 billion in damages against the Nigeria Midstream and
Downstream Petroleum Regulatory Authority (NMDPRA) for issuing import
licenses to some marketers and allowing the importation of petroleum
products.

 

 

The marketers are NNPC Ltd, Matrix Petroleum Services Limited, AYM Shafa
Limited, A. A. Rano Limited, T. Time Petroleum Limited, and 2015 Petroleum
Limited.

 

In the suit dated 6 September 2024, the plaintiff's lawyer, Ogwu Onoja,
asked the court to declare that NMDPRA is allegedly in violation of Sections
317(8) and (9) of the Petroleum Industry Act by issuing licenses for the
importation of petroleum products.

 

The Dangote Refinery said such licenses should only be issued in
circumstances where there is a petroleum product shortfall. The refinery
also urged the court to declare that NMDPRA is in violation of its statutory
responsibilities under the Petroleum Industry Act (PIA) for not encouraging
local refineries such as Dangote Refinery.

 

But in a counter affidavit marked FHC/ABJ/CS/1324/2024 dated 5 November, and
filed by Ahmed Raji (SAN), the marketers requested that the court dismiss
Dangote Refinery's claims, insisting that competitive practices are
essential to Nigeria's economic health and the oil sector's viability.

 

 

They argued that they are fully qualified to receive an import licence from
NMDPRA, in accordance with Section 317(9) of the PIA.

 

The three defendants claim the plaintiff allegedly seeks to monopolise the
petroleum industry in Nigeria, where it alone would control supply,
distribution, and pricing.

 

The marketers said that such an act would further deteriorate the country's
critically ailing economy "and unleash untold hardship on Nigerians, all of
which constitute a recipe for disaster in the polity."

 

They said if Nigeria puts all her energy eggs in one basket by stopping the
importation of petroleum products and allowing the plaintiff to be the sole
producer and supplier of petroleum products in Nigeria, with liberty to
determine the prices at which it supplies the products, the prices of
petroleum products will continue to rise and energy security will elude
Nigeria.

 

 

"That, in the event of any breakdown in or obstruction to the production
chain of the plaintiff which stops it from producing, Nigeria will be thrown
into energy crises because it does not have the reserves that would last it
for at least 30 days that it would need to order, pay for, freight and
import refined products into tanks in Nigeria.

 

"That, amidst the glaring absence of any credible and demonstrable proof
that the plaintiff refines and supplies adequate petroleum products for the
daily use/consumption of Nigerians, is a recipe for disaster in Nigeria's
energy sector."

 

They further told the court that granting the reliefs sought by the
plaintiff was a design to leave Nigeria and Nigerians at the mercy of the
plaintiff with respect to the availability and cost of purchasing petroleum
products in the country.

 

They equally argued in their reply that they are fully qualified to receive
the import licences issued to them by the 1st defendant, as they duly met
all the legal requirements for the issuance of such import licences, before
the same were issued to them.

 

"The import licences lawfully and validly issued to the defendants did not
in any way whatsoever, cripple the plaintiff's business or its refinery.

 

"The import licences issued to the defendants by the 1st defendant are in
line with the provisions of the Petroleum Industry Act, 2021, the Federal
Competition and Consumer Protection Act, 2018 and other relevant laws," the
marketers told the court.

 

Justice Ekwo fixed 20 January 2025, for a report of settlement or service.

 

Background

 

In recent months, the Dangote Group has been at loggerheads with NNPC,
petroleum regulators and some private oil firms over the control of the
petroleum downstream market.

 

In June, the Dangote Group accused some international oil companies of
sabotaging the plant's operations by either refusing to supply crude or
offering oil at higher premiums compared to market prices.

 

It also clashed with the NMDPRA, which claimed diesel from the refiner has
sulphur content levels above the allowed threshold. The regulator also
accused Dangote of seeking to be a monopoly.

 

In refuting the allegation, the head of the Dangote Group, Aliko Dangote,
took lawmakers visiting the refinery to a laboratory within the plant, where
diesel from the refinery was tested alongside two different samples from
imports.

 

The results showed the sample from the refinery's diesel had much lower
sulphur than the imported ones.

 

In July, the Federal Executive Council (FEC) directed NNPC Ltd to engage
Dangote refinery and other local refineries to resolve the dispute over the
sale of crude oil to them.

 

The FEC, presided over by President Bola Tinubu, also directed that such
crude oil sales to the refineries be made in naira and that the refineries,
located in Nigeria, should also sell their refined products to the Nigerian
market in naira.

 

In October, the Nigerian government said it had officially commenced the
sale of crude oil and refined petroleum products in Naira. The sale in Naira
took effect from 1 October, the government said at the time.

 

PREMIUM TIMES also exclusively reported that NNPC Ltd has ended its
exclusive purchase agreement with Dangote Refinery, opening up the market
for other marketers to buy petrol directly from the refinery.

 

This means the NNPC will no longer be the sole off-taker, and marketers can
now negotiate prices directly with Dangote Refinery.

 

Premium Times.

 

 

 

 

Kenya's Communications Authority Under Fire Over Lack of Consumer
Protections for Data Expiries, Internet Disruptions

Nairobi — The Communications Authority of Kenya (CA) is in the spotlight
over insufficient measures to protect consumers from data bundle expirations
and frequent internet disruptions by major Internet Service Providers (ISPs)
like Safaricom, Airtel, and Telkom.

 

Members of the National Assembly's Communication, Information, and
Innovation Committee have raised concerns about the lack of compensation and
consumer protections in the country's digital infrastructure, highlighting
the challenges faced by internet users in Kenya.

 

Committee Chair John Kiarie questioned the absence of a compensation
mechanism for unused data bundles and criticized the CA for not mandating
ISPs to adopt no-expiry policies that would ensure value for money. He
pointed out that many other countries have already implemented no-expiry
policies for data bundles, which protect consumers from unfair losses due to
short-term data packages.

 

 

"If other jurisdictions are moving towards no-expiry policies, there's no
reason we can't do the same here," Kiarie argued, emphasizing the need for
Kenya to keep pace with global standards in consumer protection.

 

Tetu MP Geoffrey Wandeto went further, labeling short-term data packages as
"a fraud" and asserting that current validity periods are often too short
for consumers to fully use the data they purchase. "How can someone
realistically consume 20GB of data within an hour?" he questioned, echoing
frustrations shared by many Kenyans who feel shortchanged by existing data
bundle policies.

 

Kisii Woman Representative also voiced her concerns, questioning why
consumers lose access to data they have paid for if they are unable to use
it within a limited period. "Why do we pay for bundles that expire before we
use them? If bundles worked like other utilities, consumers wouldn't be
losing their money," she said.

 

Legal Framework and CA's Response

 

In response, CA Director-General David Mugonyi explained that the Kenya
Information and Communications Act (KICA) of 1998 lacks clear provisions to
mandate compensation for consumers during service disruptions, leaving a
regulatory gap that makes it difficult to hold ISPs accountable. Although
the CA has penalized ISPs for violations in the past, Mugonyi acknowledged
that the current framework does not go far enough in enforcing consumer
rights, particularly regarding compensation.

 

"The Authority has previously taken action against internet service
providers for violations. However, the KICA Act of 1998 lacks specific
provisions on consumer compensation," he noted, highlighting the need for an
updated regulatory approach that addresses modern digital service
challenges.

 

Mugonyi outlined some of CA's ongoing initiatives, including the "Chukua
Hatua" campaign, which aims to educate consumers on their rights and provide
avenues for lodging complaints. He assured the committee that the CA is
working to expand its monitoring systems and strengthen oversight over
Kenya's more than 500 licensed ISPs, which would ultimately enhance
accountability and service quality.

 

Call for Urgent Reforms

 

Committee Chair Kiarie called on the CA to implement more robust oversight
mechanisms and proposed an urgent review of the Kenya Information and
Communications Act to include explicit consumer compensation provisions.

 

"If radio stations can address quality issues on air, ISPs should be equally
transparent with their internet services. Why can't they alert consumers
about expected downtimes, quality issues, or even compensation policies?" he
questioned, urging for a more consumer-centered approach in the digital
services sector.

 

Kiarie emphasized that the CA has the authority to lead the reforms needed
to protect Kenyans. "It's not enough to penalize service providers on paper.
We need real, enforceable consumer protections," he said, challenging the CA
to take a stronger stand against unfair practices by ISPs.

 

The committee has urged the CA to hold ISPs accountable, ensure fair
compensation measures for consumers, and treat data as an essential utility
akin to electricity and water.

 

Lawmakers also stressed the need for CA to address the public's growing
concerns about data bundle expiries, with the aim of achieving a fair,
transparent, and consumer-friendly digital landscape in Kenya.

 

Capital FM.

 

 

 

 

Nigeria: Oyo Govt Approves New Minimum Wage for Workers

Mr Oyelade said the new scale will be implemented as soon as the
consequential adjustments process is completed by the committee which
comprises top government and labour officials.

 

The Oyo State Government, on Wednesday, approved a minimum wage of N80,000
for its workers.

 

In a statement issued by the Commissioner for Information and Orientation,
Dotun Oyelade, the technical committee set up by the government recommended
and got approval from Governor Seyi Makinde for the implementation of the
new salary scale.

 

Mr Oyelade said the new scale will be implemented as soon as the
consequential adjustments process is completed by the committee, which
comprises top government and labour officials.

 

 

He recalled that only last month, a Federal Government Agency, the National
Bureau of Statistics, NBS, in its latest employment statistics published for
2024, rated Oyo State as the most worker-friendly state in the whole of
Southern Nigeria owing to a significant decline in Oyo State's unemployment
rate.

 

The commissioner said the achievement followed a series of high-pitched
employment of workers into various sectors of the state.

 

Prompt payment of salary

 

The commissioner also reiterated that Oyo State pays its workers salaries on
the 25th of every month since Governor Makinde came into office in 2019.

 

He also said Mr Makinde started paying the previous N30,000 minimum wage
from inception over four years ago, "including consistent payment of
pensions, gratuities and 13th-month salary for both workers and pensioners
alike."

 

Mr Oyelade explained that since November 2023, Mr Makinde has been paying
N25,000 to its workers and N15,000 to its pensioners as a welfare wage
award.

 

He added that the administration started paying the wage award to cushion
the effect of the fuel subsidy removal and that it has also been consistent
with the payment for over a year to date.

 

The commissioner noted that Mr Makinde has paid the backlog of gratuities
from 2008 to 2015 for pensioners with an increase in gratuity payment at
both the Local Government Staff Pensions Board and those paid by the
Ministry of Establishment and Training.

 

He added that the governor has also put back into payroll, pensioners whose
names were removed by the immediate past administration and that all
pensioners receive annual Christmas/New Year chicken bonus.

 

Premium Times.

 

 

 

 

South Africa: 'Young Leaders No Longer Waiting For Seats But Creating Their
Own' - Climate Leader at Earthshot

Cape Town — Despite Africa contributing minimally to global emissions and
global warming, this continent is most susceptible to the consequences of
climate change. However, African innovators are rising to these challenges,
creating green jobs, addressing environmental and health concerns, and
improving livelihoods for millions.

 

In recognition of its significant role in advancing climate action and
addressing some of the world's most difficult environmental challenges,
Africa was selected as the fourth continent to host this high-profile
Earthshot Prize event.

 

Prince William was a panelist at the inaugural Earthshot Prize in Cape Town,
South Africa, alongside Earthshot Prize Trustee Tokunbuh Ishmael and young
climate leader A'aron John. Wanjira Mathai, a member of the Earthshot Prize
Council, moderated the panel discussion.

 

John is a global leader in public sector innovation and urban resilience. He
founded The African Narrative on Climate Change (Centre for Climate Action,
Innovation and Engagement) where he advocates for global climate action.

 

 

"The word for the week is buzz," said John.

 

"We're buzzed - buzzed with enthusiasm, hope, and innovation. I've heard a
lot of young people say they want to be invited in, but here, you'll see
that many are building their own tables and even the rooms those tables sit
in. We're moving beyond asking for a seat at someone else's table and
creating the spaces we need ourselves."

 

"The same kind of innovation and audacity can now be seen across
institutions and boards," said John, "You can see that there is a shift in
the way we are planning. You can see a shift in what kinds of economic
models are being put together."

 

Between 2020 and 2023, John worked with a group of young individuals to
implement a Broad Professional Programme in Nigeria which saved about
200,000 lives.

 

"None of us were above the age of 35," he said. "A lot of people said it
couldn't be done, but we did it."

 

If no one wants to steal your idea, it probably isn't worth it

 

John said that young people are uniquely positioned: "We are too young to
realize what fear is, and too old to sit on our hands simply. Young people
are often viewed as innovators, but they can also be gatekeepers, limiting
opportunities and ideas, just like older generations. But it's their
audacity that will allow us to do better."

 

The African Narrative on Climate Change founder was reminded by a mentor:
"If no one wants to steal your idea, it probably isn't worth it. So maybe
expose your idea and see who wants to steal it, who in 10 years wants to
adopt your idea, and that's how we scale."

 

Empowering Young People to Drive Social Change

 

Prince William, the Prince of Wales, said that when he founded the Earthshot
Prize, it was about finding solutions and scaling them as quickly as
possible to make an impact. "It was also meant to counter the despair and
desperation surrounding the environment, providing young people with hope
and a platform to channel their urgent optimism into delivering solutions,"
the Prince said.

 

 

"I feel that the Earthshot Prize is their prize, as it is all of our
prizes," he said. "They are the ones who will bring change; they can take
the platform of the prize and direct it where they believe it will be most
beneficial, seeing it as something they own that provides a better future
for themselves and their families."

 

We simply need to get more of them

 

The Prince described the Earthshot Prize initiative as a collective platform
he wants people to own.

 

"For example, 120 young people from 38 countries are coming out here this
week. It's a phenomenal achievement
 As I sat down with all of them in one
of the rooms, I was blown away by their breadth of knowledge, energy, and
ideas," he said.

 

The Prince of Wales expressed the importance of amplifying the voices of
youth. "We simply need to get more of them," he said. "This is what the
Earthshot Prize is about - giving them that platform. We have over 2,000
nominations for each spot this week, which shows there is great demand for
young people's voices to be heard."

 

Nurturing the Next Generation of Innovators

 

The International Energy Agency (IEA) estimates that Africa has 60% of the
world's best solar potential, yet financing remains scarce. The continent is
still developing its solar resources, which can help reduce emissions and
make electricity more accessible. Approximately 760 million people today
lack electricity, while at least three billion live without reliable
electricity.

 

Solar power offers Africa a unique opportunity to deliver affordable,
reliable, and sustainable electricity to a significant portion of its
population, especially to rural and remote areas with limited access to the
grid. According to the International Renewable Energy Agency (IRENA), solar
energy can help reduce Africa's dependence on fossil fuels, which account
for 79% of electricity generation, while addressing greenhouse gas emissions
and climate change concerns.

 

Tokunboh Ishmael an impact and Environmental, Social, and Governance (ESG)
investor said that the "Earthshot platform shines a light beyond just the
prize itself; the prize is merely the tip of the iceberg. For many of the
innovators here - the finalists and young leaders alike - most are running
enterprises in what we in finance call the 'valley of death,'" she said.
"They're part of what we call the missing middle."

 

Ishmael said many innovators "don't get access to finance, largely because
they're not seen". She commended the Earthshot platform for making it
possible for these innovators to gain visibility and valuable connections.

 

 

"But it goes beyond money," she said, explaining that they also gain access
to talent, mentorship, and an extensive network. "One of the youth leaders
told me that they felt like they had found a family. So it's not just about
money."

 

Earthshot platform is more than just funding, it's about 'being seen,
funded, mentored, networked, and becoming part of a family'

 

She said that, for many founders, the journey can be lonely, especially as
they work in remote areas and are closely connected to the problems they aim
to solve.

 

"Many of them are in villages, creating solutions," said Ishmael. "But then
to be able to meet up with others that are seeing the same kind of problems
and coming up with solutions to collaborate is excellent." She said the
Earthshot platform is more than just funding, it's about "being seen,
funded, mentored, networked, and becoming part of a family."

 

The prize is about visibility, but it is also about scale, said Prince
William.

 

"We work very hard on making sure we have an all-serving and capable
platform when visitors are needed. But also, we're like, what more can we
do? We're not just a prize here. Let's look at the scale and the impact," he
said. "One of the things we've heard a lot from young people is, I have a
solution, but I don't know how to scale it. I don't know where to go. And
I've heard a lot of investors, a lot of business out there saying, I have a
lot of money, but I don't know where to put it."

 

"We came up with the idea of Launchpad, which acts as a platform for
matching founders with solutions and vice versa," said Prince William.

 

"Collaboration is the key," he said, "If you put it all together in one big
melting pot, then it will start on fire." Through this initiative, he said,
"real brains, real initiatives, and real solutions" will be brought together
coherently to progress.

 

Why Africa's Future is Full of Promise

 

Founder of the African Narrative on Climate Change John believes that the
continent's potential is a combination of many things.

 

"Resilience, one. Not the resilience where you just bounce back, but where
you bounce back better. We've seen Africa and Africans bounce back stronger
from shocks and stress - we saw it with COVID, and we'll see it with
climate," he said. "Second is culture. This is the birthplace of innovation.
We can see a lot of innovation coming up. And last but not least, I think
for us in Africa, we just don't want to fight, we want to succeed, and have
fun while doing it."

 

"It's not just about solving climate change, but also about having fun while
changing systems, changing lifestyles, and affecting the planet in a way
we've never seen before. It's resilience, it's culture, and it's finesse,"
he said.

 

"In Africa, we're not shackled by legacy... We didn't have those investments
that had everyone having the electric grid, so there's an opportunity,..
because many people don't have access to the grid, so the opportunity for
off-grid access to solve problems," said Ishmael.

 

"Again, we're not shackled by technology systems, which is why when you saw
the mobile revolution, much of that started here in Africa, because we
needed to have systems that didn't require people to have phones in their
homes before they could transact. So you have the mobile revolution and the
payment revolution. And again, as we're looking at AI, we look to leapfrog,
because we can use that to change the lack of access to education, lack of
access to finance."

 

"So for me, on the continent, we're just excited about the opportunity to
leapfrog, because our youth have so much hope and confidence," said Ishmael.
"Like John said, they're creating new tables. They're not waiting to be
given a voice at the table."

 

"I'm particularly proud and happy because the media generally portrays young
people demonstrating in Africa and burning things up. Here they're burning
things up and developing new ways to innovate. I am thrilled for them to
have access to the EarthShot platform, the funding and investors, and an
opportunity to scale," she said. "It is the time for Africa, and we are
here."

 

The continent possesses everything that the world needs right now

 

"I have been fortunate enough over the years to get to know Africa, and what
an amazing continent it is," said Prince William. "The breadth of diversity,
not only in people, culture, but also landscape, has been quite a learning
experience.

 

"The continent possesses everything that the world needs right now to
understand both the solutions to the problems it faces, as well as the
difficulties it faces, from the deserts in the dry north to the floods in
the rainforest in the middle," said the Prince. "You've got everything on
the continent."

 

"I had the opportunity to meet some of the best young minds and find the
best solutions yesterday, and I have hope and optimism that these young
people can change the future. We need to invest in them as we do in Mother
Nature," said Prince William.

 

 

 

Mozambique: Post-Election Internet Restrictions Hinder Rights

Johannesburg — The Mozambican authorities should immediately end internet
restrictions imposed since October 25, 2024, and restore full access to
social media platforms, Human Rights Watch said today. Internet restrictions
and shutdowns violate multiple rights including access to information,
freedom of speech, and peaceful protest, and people's ability to earn a
living through online business.

 

The restrictions follow the government security forces' violent crackdown on
opposition supporters who peacefully marched across the country to protest
the October general elections results. The deputy minister of transportation
and communications, Amilton Alissone, told the media that internet services
would be restored only when the necessary conditions were in place, but did
not issue a public shutdown order or set out the conditions.

 

 

"The Mozambique government's arbitrary restrictions on internet access
violate human rights and should be lifted immediately," said Allan Ngari,
Africa advocacy director at Human Rights Watch. "The shutdown inhibits
people's ability to receive and use life-saving information, to assemble
peacefully, and to express their political opinions in a time of crisis."

 

On October 24, the Mozambican election commission announced that Daniel
Chapo and the ruling party Frente de Libertação de Moçambique (Front for the
Liberation of Mozambique, FRELIMO) had won the elections. Beginning the
following day, people across the country reported internet connection
disruptions, after Venâncio Mondlane, an independent candidate supported by
the leading opposition party, Partido Optimista pelo Desenvolvimento de
Moçambique (Optimistic People for the Development of Mozambique, PODEMOS),
posted calls for nationwide protests on his Facebook account.

 

 

Mobile data providers including Vodacom, Movitel, and TMcel acknowledged in
a text message sent to customers on October 31 that "access to some social
networks is temporarily restricted for reasons beyond our control."

 

Cloudflare, a widely used US company that provides web security services and
publishes data on internet disruptions, showed that four mobile and internet
shutdowns have occurred in the past two weeks in Mozambique. It said that
mobile and internet connectivity was shut down beginning at approximately
noon local time on October 25, and occurred on at least three other
instances, on November 3, 4, and 5.

 

>From October 29 onward, OONI Explorer, a project that monitors internet
censorship, recorded a potential blocking of social media platforms and
messaging apps such as Facebook Messenger, Telegram, and WhatsApp.

 

 

Mozambique's communications regulatory body, the National Communications
Institute of Mozambique (INCM), vaguely addressed the issue, without
providing any detailed information, including the legal framework to justify
the restrictions.

 

In a statement quoted in the media and reviewed by Human Rights Watch, the
INCM said it had "followed with concern the use of telecommunications
networks in the country to publish videos and messages that promote and
encourage violent demonstrations and other acts of disobedience and social
destabilization." The statement cited the Law on Telecommunications,
claiming that such videos constitute "fraudulent traffic" and a "threat to
the preservation of national security."

 

The internet restrictions have inflicted significant harm on the rights and
livelihoods of residents, Human Rights Watch said. Three online traders told
Human Rights Watch that their inability to promote their products on social
media platforms severely hampered their activities.

 

A 26-year-old mother of three, who sells clothes via the WhatsApp Business
platform, said: "I am not making any money because nobody is viewing my
products on WhatsApp. I also cannot go out and sell because of the violent
protests on the streets. How are we going to pay our bills like this?"

 

The restrictions have also severely affected students, who had transitioned
to online classes during the street protests that the police violently
repressed. A 19-year-old university student said: "For more than a week now,
I cannot use WhatsApp to exchange information with classmates or download
reading materials the lecturer sent. The mobile internet is very unstable,
and I can barely connect to Zoom to attend online classes. I am very worried
and anxious because this is exams season."

 

The United Nations Human Rights Committee in its General comment on freedom
of expression under the International Covenant on Civil and Political
Rights, to which Mozambique is party, obligates governments to ensure that
any restrictions on information online are provided by law, are a necessary
and proportionate response to a specific threat, and are in the public
interest. It also states that governments are prohibited from blocking or
hindering internet connectivity in relation to peaceful assemblies.

 

The Declaration of Principles on Freedom of Expression and Access to
Information in Africa of the African Commission on Human and Peoples' Rights
provides that governments are not to engage in or condone any disruption of
access to the internet and other digital technologies for segments of the
public or an entire population.

 

Various UN experts have emphasized the incompatibility of internet shutdowns
with international human rights law, and urged states to refrain from
imposing internet shutdowns "designed to prevent access to and exchange of
election-related information, mobilization and participation in peaceful
protests and monitoring of such protests."

 

Internet service providers should make all feasible efforts to avoid or
mitigate harm from orders to restrict access, including by interpreting
requests narrowly and imposing the least intrusive restrictions possible,
and legally challenging unwarranted disruptions of service. They should also
give customers advance notice of shutdowns, and disclose the government's
role and legal basis for restricting access to networks and services. They
should prioritize their responsibilities under the UN Guiding Principles on
Business and Human Rights, and avoid complicity in human rights abuses.

 

"The lack of transparency around Mozambique's internet restrictions fuels
the perception that they are meant to suppress peaceful protests and public
criticism of the government," Ngari said. "Amid ongoing unrest, the
Mozambican government should immediately restore internet access to
facilitate people's access to crucial information."

 

HRW.

 

 

 

Ethiopian Becomes First African Carrier to Own Airbus A350-1000

Ethiopian Airlines has become the first African carrier to receive the
Airbus A350-1000, marking a historic milestone in African aviation. The
airline received the advanced aircraft with a capacity of 400 passengers,
making it the first in Africa to operate this model.

 

Ethiopian Airlines Group CEO, Mesfin Tasew, celebrated the delivery,
stating, "We are thrilled to welcome the Airbus A350-1000 to our fleet,
strengthening our leadership in aviation technology. This aircraft
represents cutting-edge advancements in passenger comfort, fuel efficiency,
and environmental responsibility. Together, we are pioneering a sustainable
future for African aviation."

 

The A350-1000 is the largest aircraft in Ethiopian Airlines' fleet,
featuring 395 seats in a two-class configuration, including 46 business
class seats-an increase from the 30-seat capacity in previous aircraft.
"This addition will accommodate our growing premium customer base and
elevate our service standards," Mesfin added.

 

 

Equipped with state-of-the-art aerodynamics, a carbon-fiber fuselage, and
highly efficient Rolls-Royce Trent XWB engines, the A350-1000 offers a 25%
reduction in fuel consumption and CO2 emissions compared to older twin-aisle
aircraft, reinforcing Ethiopian Airlines' commitment to sustainability.

 

The arrival of the A350-1000 is part of Ethiopian Airlines' global expansion
plan to connect destinations across five continents. "This is the first of
four A350-1000s we will receive in the coming months," noted Mesfin.

 

The Ethiopian Airlines Board Chairman Yilma Merdasa (Lieutenant General)
emphasized the aircraft's significance, stating it symbolizes progress and
unity. "The arrival of Africa's first A350-1000 embodies Ethiopian Airlines'
dedication to excellence and instills pride in Ethiopians and Africans
alike."

 

Ethiopian Airlines' strategic vision centers on four pillars: developing
human skills, expanding infrastructure, growing the fleet, and advancing
technology. The airline is constructing a new mega airport near Bishoftu, in
Oromia State, with a capacity to serve 110 million passengers annually,
aiming to transform Ethiopia into a major global aviation hub.

 

As part of its fleet expansion, Ethiopian plans to acquire over 125 new
aircraft, partnering with Airbus to meet these goals. "The A350-1000
strengthens our mission to connect Africa with the world, using the most
modern, efficient, and reliable aircraft available," GTG Yilma remarked.
Technological advancement and sustainability remain integral to Ethiopian
Airlines' strategy, with the A350-1000 exemplifying both through its
advanced design and reduced environmental impact.

 

This milestone underscores Ethiopian Airlines' leading role in African
aviation, setting new standards for excellence and sustainability in the
industry.

 

BY HAILE DEMEKE

 

THE ETHIOPIAN HERALD WEDNESDAY 6 NOVEMBER 2024

 

Ethiopian Herald.

 

 

 

Ethiopia Poised to Be Primary Beneficiary Within Brics Bloc - Ambassador
Terekhin

Addis Ababa — Ethiopia is poised to be a primary beneficiary within the
BRICS bloc, Russian Ambassador to Ethiopia Evgeny Terekhin remarked.

 

Briefing journalists on the outcomes 16th BRICS Summit on Tuesday,
Ambassador Terekhin said that Ethiopia made her voice heard by stressing
that there should be a reform of the global financial system and that a
place should be given to Africa in the Security Council of the United
Nations.

 

With a large, productive population, a strong legacy of international
participation, strategic geographic advantages, and emerging economic
diversity, Ethiopia is poised to be a primary beneficiary within the BRICS
bloc, he explained.

 

"Ethiopia's entry into BRICS represents a hopeful new era for the nation on
the international stage, promising benefits politically and economically,"
he emphasized.

 

Furthermore, he stated that the bloc advocates for IMF and World Bank
reforms and its commitment to equitable global development and security.

 

 

The growth and expansion of the Brazil, Russia, India, China and South
Africa (BRICS) intergovernmental organization has presented an alternative
form of world cooperation, he added.

 

With an open economy primed for foreign direct investment (FDI), Ethiopia is
well-positioned to benefit from BRICS membership. Its rich farmlands,
extensive mineral resources, renewable energy potential, and a burgeoning
tech sector all contribute to an optimistic outlook," the Ambassador pointed
out.

 

According to him, this new ideological paradigm seeks to challenge the
global, unipolar system by accentuating, recognizing and leveraging the role
of Global South countries and emerging economies in economic corporation,
trade, infrastructural development and peace and security.

 

 

The bloc is led by principles of sovereign equality, strategic cooperation,
inclusiveness and, most importantly, multilateralism, he stressed.

 

"Ethiopia already maintains strong relationships with several BRICS
countries, having developed significant import-export ties with Russia,
China and India. Similarly, Ethiopia and the UAE enjoy thriving trade
exchanges. Additionally, South Africa hosts a sizable Ethiopian diaspora,
adding further dimension to these bilateral connections," Terekhin added.

 

Ethiopia's contribution to the safeguarding of peace and security has been
highlighted at the summit; he pointed out, and added "more willingness has
been shown on the part of countries at the summit to cooperate with Ethiopia
in this sphere."

 

In a unipolar world, powerful nations dictate terms without alternative
organizations to balance influence, he said, and hastened to say "BRICS
offers a promising avenue for loans and assistance essential to Ethiopia's
aspirations for prosperity."

 

"BRICS stands out as a formidable coalition with a growing population,
dynamic economies, and increasing security capabilities. Ethiopia, given its
population size, economic potential, and geopolitical significance, stands
to benefit immensely from BRICS membership," he elaborated.

 

Inclusion of the new members, Ethiopia, Iran, Egypt, Saudi Arabia, and the
UAE, expanded BRICS's influence thereby bringing together countries
representing approximately 41percent of the global population and 24 percent
of the global GDP, enhancing the bloc's political and economic clout.

 

ENA.

 

 

 

 

Africa: Trump Win Could Jeopardise Agoa Renewal, Putting Africa At a
Crossroads

A potential victory for former U.S. President Donald Trump in this election
could leave African countries at a critical moment, as the African Growth
and Opportunity Act (AGOA) is set to expire next year.

 

Renewal of the US-Africa trade pact, which allows duty-free, quota-free
access for African exports to the US, may face significant hurdles under a
Trump administration, given his previous demands for increased market access
for U.S goods.

 

Trump, who has emphasised "reciprocity" in trade, has signaled that African
countries would need to open their markets to more American goods in return
for continued benefits under AGOA, a move that could flood the continent
with cheap American goods.

 

This stance could disrupt the longstanding trade preferences, putting
African nations in a precarious position as they seek to protect domestic
industries while benefiting from AGOA's provisions.

 

In July 2018, Trump's administration suspended Rwanda's eligibility to
export clothing duty-free to the US under AGOA after the East African nation
imposed a ban on second-hand clothing imports.

 

 

Rwanda's decision was in line with a broader agreement adopted by the East
African Community (EAC) in 2016, aimed at curbing used clothing imports by
2019 to support local textile manufacturing. However, the initiative faced
strong opposition from the US used-clothing industry.

 

The Secondary Materials and Recycled Textiles Association (SMRTA), a US
trade group, filed a petition with the Office of the US Trade Representative
(USTR), arguing that the EAC's ban could cause "significant economic
hardship" to the American used-clothing sector.

 

According to SMRTA, the restrictions would threaten approximately 40,000 US
jobs and cut $124 million in exports.

 

In response, the Trump administration threatened to remove four East African
countries--Kenya, Uganda, Tanzania, and Rwanda--from AGOA.

 

This pressure led all but Rwanda to back out of the agreement, effectively
stalling the EAC's unified push to bolster local clothing industries.

 

The stakes are high for nations relying on AGOA to drive exports, with
nearly 39 African countries currently eligible for the pact's benefits.

 

If Trump secures a second term, the future of AGOA could hang in the
balance, potentially affecting Africa's access to its most lucrative export
market.

 

Business Day Africa.

 

 

 

 

Mauritius' Social Media Shutdown - a Worrying Sign That Civil Rights Are
Slipping

Mauritius' communications regulator recently shut down access to social
media platforms until a day after the upcoming general election, due to be
held on 10 November 2024. The decision was reversed a day later.
Nevertheless, the move came as a surprise to many - Mauritius is often
touted as a beacon of democracy in Africa.

 

Roukaya Kasenally, a scholar of democracy and media with a focus on
Mauritius, spoke to The Conversation Africa about the shutdown, why it
happened and what this tells us about the state of freedom in the island
nation.

 

Why did the government shut down social media?

 

 

The social media ban was no doubt directly linked to leaked audio clips.
These brought to light alleged conversations between a number of key
individuals including the prime minister, the commissioner of police,
ministers and members of the judiciary. Some of these conversations touched
on sensitive issues, like police brutality and institutional interference.

 

The main justification for the social media ban was therefore national
security - as conversations of the prime minister had been intercepted on
his private and secure line and were being shared on social media.

 

The prime minister initially dismissed the leaks as doctored by artificial
intelligence. But coverage of the leaks began to gain traction, and that's
when the social media ban was imposed. It was lifted within 24 hours
following an enormous backlash both locally and internationally.

 

Has a social media ban happened before?

 

It is the first time that social media have been banned in Mauritius. But
there have been concerns about digital freedoms more generally.

 

The latest Ibrahim Index of African Governance - a tool that measures and
monitors governance performance in African countries - showed that
Mauritius' digital freedom dropped by 21.7% in the last decade. It's now
ranked 25th (out of 54) in Africa, even though Mauritius has a national
strategic plan to transform the country into a digitally advanced, inclusive
society by 2030.

 

There's also been a tightening of legislation concerning cybersecurity and
cybercrime in Mauritius that criminalises any offence committed by social
media users.

 

The clampdown on social media is a matter of concern in a country where
social media are extremely popular. The majority of Mauritians get their
news from social media and 85% of the Mauritian population are Facebook
users.

 

 

What is the state of media freedom in Mauritius?

 

The social media ban must be contextualised as part of a generalised erosion
of democratic rights and liberties in Mauritius.

 

This trend has been happening over the last 10 years, but has accelerated
since 2019 due to the introduction of a number of projects aimed at
monitoring and controlling data.

 

The Mauritius Safe City project, for instance, is rolling out 4,000 cameras
(with facial recognition capacity) across the island. Pitched as an idea to
enhance safety and security, the project has become a source of concern.
Citizens are worried that it infringes on their political rights and civil
liberties.

 

In 2021, the Information and Communication Technologies Authority wanted to
amend the law so that there would be greater social media regulation. The
proposal had a great deal of local and international push-back as it was
seen as a means to control data on social media platforms.

 

In 2023, it became mandatory for citizens to re-register sim cards or have
them de-activated. There were concerns about the potential intrusion into
citizen data. A case was lodged in the Mauritian supreme court and the
matter is still pending.

 

Aside from data monitoring concerns, there's also been a crackdown on the
freedom of speech in Mauritius.

 

After making posts online, a number of journalists and ordinary citizens
have been harassed and some have even been arrested under the "offences"
subsection of the Information and Communication Technologies Act (2001).
They were targeted because their posts were deemed critical of the current
regime. The ICT act has severely shrunk the digital space.

 

The media have been further targeted with laws which impose hefty fines on
media houses and journalists, require journalists to reveal their sources
and require media houses to reapply for their licence every year instead of
every three years.

 

Greater levels of scrutiny and control over recent years have had the
chilling effect of self-censorship among certain journalists.

 

Some journalists have been harassed or at times barred from press
conferences of the ruling party.

 

This erosion of freedoms has been reflected in various democratic rankings.
In the last decade, Mauritius has lost its status of liberal democracy to
become an electoral autocracy - a country where the government maintains
tight control over political power. In the latest Ibrahim Index of African
Governance, the island was classified as "increasing deterioration" on
democracy.

 

What does this say about the state of the country's politics today?

 

Under the current government, which came to power in 2019 in an election
marred by irregularities, some key institutions have been captured. These
include parliament and the police. The executive in Mauritius appears to be
bent on entrenching its power and control.

 

The executive now has the upper hand in decision-making and minimises checks
and balances. There have also been several attempts to rein in the powers of
the director of public prosecution by undermining the independence and
autonomy of that office.

 

The island's democratic backsliding is a matter of great concern. Mauritius
is currently hit by a triple whammy - an ageing population, a declining
population and significant brain drain. As the country moves to address
these challenges, the government must be accountable to the people.

 

Roukaya Kasenally, Democracy scholar and Associate Professor in Media and
Political Systems, University of Mauritius

 

This article is republished from The Conversation Africa under a Creative
Commons license. Read the original article.

 

 

 

 

Somalia: U.S. Forgives $1.14 Billion Debt to Somalia's Economic Recovery

In a move to bolster Somalia's economic recovery and stability, the United
States has forgiven $1.14 billion in debt owed by Somalia. The debt
cancellation, announced by US Ambassador to Somalia Richard Riley in
Mogadishu, is part of a larger $1.2 billion assistance package for Somalia
this fiscal year.

 

This financial support focuses on economic stability, development, security,
and humanitarian aid as Somalia works to rebuild its economy and essential
public services.

 

The debt forgiveness was officially announced by US Ambassador Richard
Riley, who described the relief as a clear indicator of America's dedication
to Somalia's future.

 

"This debt forgiveness is a testament to our unwavering commitment to
support the Somali people on their journey toward a brighter future," Riley
stated. The Somali government, led by Finance Minister Bihi Iman Egeh,
welcomed the news, recognizing its potential to redirect critical resources
to essential public services like education, healthcare, and infrastructure.

 

 

The $1.14 billion debt forgiveness represents a major reduction in Somalia's
external debt, which has been a burden on the country for decades. This
cancellation is part of a wider international effort to support Somalia's
economic stabilization. In addition to the US relief, the Paris Club, a
group of creditor nations, forgave 99% of Somalia's debt, amounting to
around $2 billion in March 2024.

 

The US debt forgiveness was announced on Tuesday, November 5, 2024, marking
a key moment in Somalia's ongoing journey toward economic recovery. The
announcement comes after several years of Somalia working with international
partners, including the International Monetary Fund (IMF) and World Bank, to
achieve debt relief milestones.

 

Somalia has long faced severe economic challenges stemming from decades of
conflict, mismanagement, and instability. Much of Somalia's debt was
accumulated during the military regime of Siad Barre, which collapsed in
1991, leaving the country in financial turmoil. Today, more than two-thirds
of the Somali population live on less than $2.15 a day, highlighting the
urgent need for economic reform and international financial assistance.

 

Somalia's external debt, which stood at 64% of its GDP in 2018, has now been
reduced to less than 6%, allowing the government to focus on rebuilding
essential services and driving economic development.

 

"This agreement will transform Somalia's future, allowing our government to
allocate resources to essential public services," praised Minister of
Finance Bihi Iman Egeh, acknowledging the United States for its crucial role
in Somalia's recovery.

 

The relief will help Somalia attract foreign investment, especially in
sectors like agriculture, which is crucial for the country's long-term
growth.

 

According to the International Monetary Fund, Somalia's GDP is projected to
grow by 4% in 2024 and 2025, driven by remittances and an agricultural
resurgence.

 

However, challenges remain. Somalia continues to battle security threats
from Al-Shabaab and is also grappling with the effects of climate change,
which threatens food security.

 

Economic experts stress that while debt relief is a critical step, it must
be coupled with comprehensive domestic reforms to ensure sustainable growth.
Economist Uweis Abdullahi Ali emphasized the importance of improving
domestic revenue generation and effective governance.

 

Looking ahead, Somalia's government plans to reintroduce the Somali Shilling
as part of broader economic reforms aimed at enhancing financial inclusion
and stability. Additionally, Somalia's recent admission into the East
African Community is expected to open up new markets and opportunities for
economic diversification.

 

Somalia's path to debt relief has been long and challenging. In 2020, the
country achieved its first major milestone under the Heavily Indebted Poor
Countries (HIPC) Initiative, receiving $4.5 billion in debt relief approved
by the IMF and the World Bank. This milestone reduced Somalia's external
debt and created opportunities for new financial partnerships.

 

Radio Dalsan.

 

 

 

Nigeria: National Grid Collapses 9th Time in 10 Months

The National grid has suffered yet another collapse, plunging the country
into another round of darkness.

 

The Transmission Company of Nigeria (TCN) confirmed the development, but
stated that the national grid experienced a partial disturbance not total
collapse.

 

LEADERSHIP checks showed that power generated dropped to 61.60 megawatts
(MW) as at 2:00 pm yesterday. By 3:00pm it dropped further to 58.00MW then
picked up slightly to 360.30MW by 4:00pm. However, by 5:00 pm it fell to
85.00MW; then up to 147.10MW by 6:00pm and down to 51.00MW by 7:00 pm.

 

The latest collapse of the grid occurred at about 1:52 pm today.

 

This is coming a few days after the TCN restored power supply to states in
the northern part of the country.

 

Residents in northern Nigeria faced a total blackout from October 22, 2024,
affecting 17 states. The power outage, caused by a malfunction in the
transmission lines and vandalism.

 

 

The grid suffered multiple collapses in the month of October, with the
federal government promising a permanent solution to the embarrassment.

 

This year alone, the national grid has collapsed nine times leading to
widespread blackouts across the country.

 

Previous collapses happened on February 4, March 28, April 15, July 6,
August 5, and three times in October (14th, 15th, and 19th). The frequent
failures are attributed to aging infrastructure and ongoing system
disturbances

 

As of 2:35 pm, hourly generation readings showed that none of the Power
Generation Company had a single megawatt.

 

According to TCN, the latest collapse "followed a series of lines and
generator trippings that caused instability of the grid and, consequently,
the partial disturbance of the system. The data from the National Control
Centre (NCC) revealed that a part of the grid was not affected by the bulk
power disruption.

 

 

"TCN engineers are already working to quickly restore bulk power supply to
the states affected by the partial disturbance. Presently, bulk power supply
has been restored to Abuja, at 2.49pm, and we are gradually restoring to
other parts of the country.

 

"We sincerely apologise for every inconvenience this may cause our
electricity customers," TCN general manager, public Affairs, Ndidi Mbah,
stated.

 

Ikeja Electric in its verified "X" account monitored by LEADERSHIP, said it
is experiencing a system outage since 13.53 hrs on Tuesday November 5.

 

However the incident happened around 2:09 pm, according to the official X
handle of the National Nigeria Grid.

 

The nation's power grid witnessed a series of collapses last month.

 

The Enugu Electricity Distribution Company PLC (EEDC) has also informed its
customers "of a general system collapse that occurred at 13:52 hours today,
5th November 2024. This has resulted in the loss of supply currently being
experienced across the EEDC network."

 

Head, Corporate Communications, EEDC, Emeka Ezeh, signed the notice Tuesday
afternoon.

 

He said, "Consequently, due to this development, all our interface TCN
stations are out of supply, and we are unable to provide services to our
customers in Abia, Anambra, Ebonyi, and Imo States.

 

"We are on standby awaiting detailed information about the collapse and
restoration of supply from the National Control Centre (NCC), Osogbo."

 

Leadership.

 

 

 

 

Liberia: EPA Investigates Rubber Giant Firestone for Alleged Water Pollution

Harbel — The Environmental Protection Agency (EPA), through its
Environmental Research & Radiation Safety (ERRS) division, is investigating
Firestone Liberia for allegedly polluting water sources, including creeks
and running water supplied to local homes.

 

The ERRS is responsible for collecting data to help shape policies aimed at
preventing environmental disasters, reducing pollution, and addressing the
impacts of industrial activities on the environment and local communities.
Last week, an ERRS team began investigating claims of water pollution
affecting five communities in Margibi County, as well as poor water quality
in homes where Firestone employees live. The company's Water and Sanitation
team participated in the investigation.

 

 

The investigation will focus on the reported water issues affecting
employees' homes and the alleged contamination of nearby creeks, which also
serve local communities. EPA researchers interviewed residents from the
towns of Kparnya, Nezoe, Koon, Zelour, and Sam Towns.

 

EPA ERRS Manager, Rafael S. Ngumbu, urged citizens to remain calm and
assured them that the agency is conducting a thorough and impartial
investigation, with a detailed report to follow.

 

History:

 

Recently, Residents of five communities in Districts One and Two in Margibi
County have leveled serious accusations against Firestone Liberia, claiming
that the company's operations are contaminating their rivers. The pollution,
they assert, is caused by waste from the Firestone rubber plantation.

 

The pollution allegedly affects mainly areas just downstream from
Firestone's concession zone, with Kparyah Town being particularly hard-hit.
This town is situated downstream from a large pipe belonging to Firestone,
which is believed to be leaking contaminants into the river.

 

The residents speaking to this reporter in September also claimed that the
chemical fertilizers known as Ammonium Nitrate used by the company to spray
the young rubber trees are released into the grounds and run into the nearby
rivers including the waste products from the company's treatment plant;
something they said is responsible for the alleged water pollution.

 

According to research Ammonium nitrate is an odorless, colorless or white,
crystal salt produced by the reaction of ammonia and nitric acid. It is an
important component of many fertilizer mixtures. It provides a source of
nitrogen to plants, which increases growth and crop yields. Small quantities
of ammonium nitrate are also sold as an additive for mining explosives and
other nonagricultural uses. Under normal handling conditions, ammonium
nitrate is not harmful.

 

 

However, inhalation of high concentrations of ammonium nitrate dust can
cause respiratory tract irritation. Symptoms may include coughing, sore
throat, shortness of breath, or even suffocation. When swallowed in high
concentrations, ammonium nitrate may cause headache, dizziness, abdominal
pain, vomiting, bloody diarrhea, weakness, a tingling sensation, heart and
circulation irregularities, convulsions, collapse, and suffocation. Ammonium
nitrate forms a mild acid when mixed with water. This acid can cause
irritation to the eyes, nose, and skin. (For reference only: visit www.
Nortechlabs.com)

 

Similarly, the red panels used to collect latex may have harmful chemicals
that can leak into the soil or water. This can cause skin irritation,
breathing problems, or serious health issues over time.

 

Another area that is allegedly affected is Koon Town. The town Chief Daniel
Gray described the dire impact of this pollution on his community as
appalling. He reported a range of health hazards, including outbreaks of
skin diseases, tainted drinking water, and a lack of safe fish. Gray also
noted that the pollution has been linked to at least one death in the area
because of skin itch and diarrhea.

 

Mercy Kamara, the leader of Nezoe Town, elaborated on the situation,
explaining that the river, once a vital source of fish for local families,
has become unusable due to the pollution. "Women who previously fished to
provide daily meals for their families can no longer do so because of the
toxic water conditions" she lamented.

 

Reacting to claims of outbreak of waterborne diseases, the Director of
Nursing at the Dolo Town Comprehensive Health Woiyea Dorbor, said at no time
had their facility received reports of an outbreak of waterborne diseases
from these communities. He explained "We regularly see patients with common
illnesses like diarrhea, malaria, and typhoid, but these are typical cases
for us."

 

The Dolo Town Comprehensive Health Center caters to residents in the
Township of Dolo Town, Kparyah, Nezoe, Sand, Cewald and Koon Towns

 

FrontPageAfrica.

 

 

 

 

Will Trump's victory spark a global trade war?

Getty Images Dealers on New York Stock Exchange on 6 November 2024. A man
with a pen in his hand and a notebook is looking up at a computer screen
showing pricesGetty Images

Donald Trump vowed on his campaign that he would tax all goods imported into
the US if he won back the White House. Following his victory, businesses and
economists around the world are scrambling to work out how serious he is.

 

In the past, Trump has targeted tariffs at individual countries such as
China or certain industries, for example steel.

 

But his election campaign pledge to impose taxes of 10% to 20% on all
foreign goods could affect prices all over the world.

 

Last month, he appeared to single out Europe.

 

"The European Union sounds so nice, so lovely, right? All the nice European
little countries that get together... They don’t take our cars. They don't
take our farm products," he said.

 

"They sell millions and millions of cars in the United States. No, no, no,
they are going to have to pay a big price."

 

BMW, Mercedes and Volkswagen shares all fell between 5% and 7% after Trump's
victory confirmation. The US is the single biggest export market for German
carmakers.

 

 

Trump prepares to appoint top jobs after Harris vows to help transition

US shares and Bitcoin hit record high on Trump win

What Trump's win means for Ukraine, Middle East and China

During his campaign, Trump said tariffs were the answer to myriad issues,
including containing China and preventing illegal immigration.

 

"Tariff is the most beautiful word in the dictionary," he said. It is a
weapon he clearly intends to use.

 

While much of this rhetoric and action is aimed at China it does not end
there.

 

Some jurisdictions like the EU are already drawing up lists of pre-emptive
retaliatory actions against the US, after ministers did not take seriously
enough Trump's earlier threats of tariffs, which he later imposed.

 

G7 finance ministers told me last week they would try to remind a Trump-led
America of the need for allies in the world economy because "the idea is not
to launch a trade war".

 

However if "a very strong broad power is used", Europe would quickly
consider its response.

 

In the past the EU imposed tariffs on iconic American products such as
Harley Davidson motorcycles, bourbon whiskey and Levi's jeans in response to
US duties on steel and aluminium.

 

A top Eurozone central banker told me US tariffs alone were "not
inflationary in Europe but it depends on what Europe's reaction will be".

 

Last month the IMF told me a major trade war could hit the world economy by
7%, or the size of the French and German economies combined.

 

There are very big questions for the UK government about where exactly the
post-Brexit UK should seat itself in a plausible, if not certain,
transatlantic trade war.

 

The direction of travel until now for the UK has been to get closer to the
EU, including on food and farm standards. This would make a close trade deal
with the US very difficult.

 

The Biden administration was uninterested in such a deal. Trump's still
highly influential top trade negotiator Bob Lighthizer even said an
assumption that the UK would stay close to the EU to help its own businesses
had prevented him from pursuing a deal.

 

"They are a much bigger trade partner to you than we are," he told me in an
interview.

 

The UK could try and remain neutral, but would struggle to avoid the
crossfire, especially for the goods trade in pharmaceuticals and cars.

 

The rhetoric from the UK government suggests it could try to be a peacemaker
in global trade wars, but would anyone listen?

 

Britain could pick a side, by trying to be exempted from more general Trump
tariffs.

 

Diplomats have been heartened by more pragmatic economic advisers to the
President-elect suggesting that friendly allies might get a better deal.

 

Or would the world benefit more if the UK joined forces with the EU to head
off the application of such trade tariffs?

 

Away from the US, what about the example to the rest of the world?

 

If the world's biggest economy is resorting to mass protectionism, it's
going to be difficult to persuade many smaller economies not to do the same.

 

All of this is very much up for grabs. Trump's warnings can be taken at face
value. Nothing is certain, but this is how very serious trade wars can
start.-BBC

 

 

 

 

Bank of England expected to cut interest rates

Interest rates are widely expected to be cut by the Bank of England on
Thursday, in a move closely watched by businesses and consumers.

 

Most analysts predict that the benchmark rate will fall from its current
level of 5% to 4.75% when the decision is announced at 12:00 GMT.

 

That would make borrowing money cheaper, but is likely to reduce the returns
available to savers.

 

The Bank's Monetary Policy Committee (MPC) meets eight times a year to set
rates.

 

 

Later in the day, the US central bank - the Federal Reserve - will also
publish its latest interest rate decision.

 

It will come just a day after Donald Trump won the presidential race.

 

Bank of England expectation

The Bank of England cut interest rates from 5.25% to 5% in August, which was
the first drop in more than four years following a string of increases.

 

Since then, official figures have revealed that the UK inflation rate -
which charts the rising cost of living - dropped unexpectedly to 1.7% in
September.

 

That was the lowest rate for three-and-a-half years and below the 2% target
set by the government. Interest rates are the main tool for the Bank to
control the level of inflation.

 

 

Line chart showing the UK Consumer Price Index. In the year to September
2024, inflation was 1.7%, which was the lowest rate of rising prices since
April 2021.

Subsequent figures from the Office for National Statistics (ONS) showed that
wage growth slowed to its lowest pace for more than two years.

 

That gave more impetus to the likelihood of a Bank rate cut.

 

Bank Governor Andrew Bailey also told the Guardian last month that it could
be a “bit more aggressive” at cutting borrowing costs, depending on the rate
of inflation.

 

 

How it affects borrowers and savers

The Bank's base interest rate heavily influences the rates High Street banks
and other money lenders charge customers for loans, as well as credit cards.

 

Lenders have mostly "priced in" the impact of a base rate cut when making
decisions on their own interest rates.

 

Mortgage rates are still much higher than they have been for much of the
past decade. The average two-year fixed mortgage rate is 5.4%, according to
financial information company Moneyfacts. A five-year deal has an average
rate of 5.11%.

 

However, more than one million borrowers on tracker and variable deals could
see an immediate fall in their monthly repayments if the Bank cuts rates.

 

Savers would likely see a reduction in the returns offered by banks and
building societies. The current average rate for an easy access account is
about 3% a year.

 

Rachel Springall, of Moneyfacts, said: "Savers are the ones who feel the
force of cuts to interest rates. Those savers who use their interest to
supplement their income will feel overlooked if rates plummet."

 

Budget and US election impact

Political events will feed into the Bank's decision on Thursday,
specifically last week's Budget delivered by Chancellor Rachel Reeves, and
Donald Trump's sweep to victory.

 

The government's official, but independent, forecaster - the Office for
Budget Responsibility - said, in the short term, measures announced in the
Budget would push inflation and interest rates higher than they would
otherwise have been.

 

This has created more doubt about whether the Bank of England will cut
interest rates again following its meeting in December.

 

Meanwhile, analysts' forecasts suggest US inflation will be higher under the
expectation that Trump will introduce higher tariffs on all imports next
year.

 

This would give the Federal Reserve less scope to ease interest rates, and
could affect decisions made around the world, they said.

 

Tackling it Together strapline

What are my savings options?

As a saver, you can shop around for the best account for you

Loyalty often doesn't pay, because old savings accounts have among the worst
interest rates

Savings products are offered by a range of providers, not just the big banks

The best deal is not the same for everyone - it depends on your
circumstances

Higher interest rates are offered if you lock your money away for longer,
but that will not suit everyone's lifestyle

Charities say it is important to try to keep some savings, however tight
your budget, to help cover any unexpected costs

There is a guide to different savings accounts, and what to think about on
the government-backed, independent MoneyHelper website.

 

What are interest rates? A quick guide.-BBC

 

 

 

 

Australia plans social media ban for under-16s

Australia's government says it will introduce "world-leading" legislation to
ban children under 16 from social media.

 

Prime Minister Anthony Albanese said the proposed laws, to be tabled in
parliament next week, were aimed at mitigating the "harm" social media was
inflicting on Australian children.

 

"This one is for the mums and dads... They, like me, are worried sick about
the safety of our kids online. I want Australian families to know that the
government has your back," he said.

 

While many of the details are yet to be debated, the government said the ban
will not apply to young people already on social media.

 

There will be no exemptions on the age limit for children who have consent
from their parents. The government says that the onus will be on social
media platforms to show they are taking reasonable steps to prevent access.

 

Albanese said there would be no penalties for users, and that it would be up
to Australia's online regulator - the eSafety Commissioner - to enforce the
laws.

 

The legislation would come into force 12 months after it passes and be
subject to a review after it's in place.

 

While most experts agree that social media platforms can harm the mental
health of adolescents, many are split over the efficacy of trying to outlaw
them all together.

 

Some experts argue that bans only delay young people's exposure to apps such
as TikTok, Instagram and Facebook, instead of teaching them how to navigate
complex online spaces.

 

Previous attempts at restricting access, including by the European Union,
have largely failed or faced backlash from tech firms. And questions remain
over how implementation would work given there are tools which can
circumvent age-verification requirements.

 

One of Australia's largest advocacy groups for child rights has criticised
the proposed ban as "too blunt an instrument".

 

In an open letter sent to the government in October, signed by over 100
academics and 20 civil society organisations, the Australian Child Rights
Taskforce called on Albanese to instead look at imposing "safety standards"
on social media platforms.

 

The group also pointed to UN advice that "national policies" designed to
regulate online spaces "should be aimed at providing children with the
opportunity to benefit from engaging with the digital environment and
ensuring their safe access to it".

 

But other grassroots campaigners have lobbied Australia's government for the
laws, saying bans are needed to protect children from harmful content,
misinformation, bullying and other social pressures.

 

A petition by the 36Months initiative, which has over 125,000 signatures,
argues children are "not yet ready to navigate online social networks
safely" until at least 16, and that currently "excessive social media use is
rewiring young brains within a critical window of psychological development,
causing an epidemic of mental illness".

 

When asked whether there should be broader efforts to educate children about
how to navigate the benefits and risks of being online, Albanese said that
such an approach would be insufficient because it "assumes an equal power
relationship".

 

"I don't know about you, but I get things popping up on my system that I
don't want to see. Let alone a vulnerable 14-year-old," he told reporters on
Thursday.

 

"These tech companies are incredibly powerful. These apps have algorithms
that drive people towards certain behaviour."BBC

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

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

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

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

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

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



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


 (c) 2024 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

 

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