Major International Business Headlines Brief::: 03 September 2024

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Major International Business Headlines Brief:::  03 September 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Uganda: UNEP Launches Africa's First Vehicle Emissions Testing Project in
Kampala

ü  Liberia: Tweah Slams 'False Debt Figures'

ü  Kenya: Ex-TV Anchor Michelle Morgan Named Bm Securities New CEO

ü  Uganda: RDC Secretariate Assesses Govt Projects in Bugisu

ü  Liberia: LTA, CBL Forge Partnership to Boost Digital Economy

ü  Nigeria: No End in Sight to Petrol Scarcity As Economy Gasps for Breath

ü  Malawi: Mera Sensitizes Media On Fuel Pricing Mechanism

ü  Somalia Celebrates Economic Gains Post-Debt Relief in Washington Meetings

ü  CMOC - 670% Surge in Net Profit for H1 2024 Driven by Record Growth and
Ambitious Strategic Projects

ü  South Africa: Transport Department Announces Preferred Bidder to Print
New Driving Licence Card

ü  Nigeria Has 1,091 Tourist Sites, Supports 1.9m Jobs - Minister

ü  Nigeria: Dangote Refinery - the Wicked Have Done Their Worst

ü  Nigeria: Experts Outline Way Forward for Nigeria's Energy Future

ü  Is US economy better or worse now than under Trump?

ü  China's mission to win African hearts with satellite TV

ü  Young workers drive South Africa's video games industry

 


 <mailto:info at bulls.co.zw> 

 


 

Uganda: UNEP Launches Africa's First Vehicle Emissions Testing Project in
Kampala

The United Nations Environment Programme (UNEP) has launched Africa's
first-ever vehicle emissions testing project in Kampala, Uganda, marking a
significant step towards cleaner air in one of the continent's
fastest-growing cities.

 

The Real Urban Emissions Initiative (TRUE), supported by UNEP, the
International Council on Clean Transportation, and local partners such as
the Kampala City Authority, aims to test around 4,000 vehicles over three
weeks using advanced plume-chasing technology.

 

This initiative, following similar projects in cities like London, New York,
and Paris, is critical for Kampala, where air pollution levels exceed the
World Health Organization's (WHO) safe limits by more than five times.

 

 

The data collected from this project will provide crucial evidence for
policymakers to tackle the city's worsening air quality crisis.

 

"Uganda, like many developing countries, relies heavily on importing used
vehicles. This project highlights the need for both importing and exporting
countries to maintain strict regulations and standards for used vehicles.
This is essential to curb the trade of obsolete, aging, unsafe, and
polluting cars," said Sheila Aggarwal-Khan, Director of UNEP's Industry and
Economy Division.

 

The TRUE initiative was launched on July 5, following a week of training for
the local task force, which includes members from Makerere University and an
installation team from Airyx. Kampala is the first African city to
participate in this real-world vehicle emissions assessment.

 

 

The project will measure pollutants such as nitrogen oxides, black carbon,
and particulate matter relative to carbon dioxide emissions from
two-wheelers, light-duty, and heavy-duty vehicles.

 

The transport sector significantly contributes to air pollution in Kampala,
with the National Environmental Management Authority (NEMA) of Uganda
attributing nearly 60% of nitrogen dioxide emissions in the city center to
vehicles.

 

These pollutants are linked to various health conditions, including heart
disease, stroke, and asthma.

 

Air pollution is a global crisis that contributed to 8.1 million deaths
worldwide in 2021, according to a recent report by the Clean Air Fund.

 

The WHO also reports that 99% of people worldwide breathe air that exceeds
safe levels, with low- and middle-income countries facing the highest
exposure.

 

 

In Africa, reliance on used vehicles to meet affordable mobility needs has
worsened the problem due to a lack of minimum quality standards for imports.

 

TRUE's findings are expected to raise awareness among the public and
policymakers about vehicle emissions and support the implementation of
measures to regulate them.

 

The data will also help countries across Africa understand the real-world
emissions from their growing vehicle fleets.

 

Immaculate Nyamaizi, Senior Inspector of Vehicles at the Uganda Ministry of
Works and Transport, emphasized the need for a combination of strategies to
reduce pollution from transport.

 

These strategies include enhancing public and non-motorized transport,
improving infrastructure, adopting cleaner vehicle technologies,
transitioning to electric vehicles (starting with two-wheelers), and
digitalizing transport systems.

 

"This project not only enhances our understanding of the impacts of vehicle
emissions on climate and public health but also provides localized data to
empower the government and other decision-makers to enact policies
regulating vehicle emissions," said Sergeant Charles Ojok of the Uganda
Police Force.

 

This initiative aligns with UNEP's Used Vehicles Programme, which advocates
for transitioning to cleaner and safer used vehicles by establishing minimum
safety and environmental standards in both exporting and importing nations.

 

The project is especially vital for sub-Saharan Africa, where many
countries, including Uganda, have yet to adopt these essential standards.

 

Supported by the FIA Foundation, the TRUE initiative represents a
significant advance in enhancing air quality and public health in Kampala.

 

Experts believe it could serve as a model for other rapidly developing
cities across Africa and beyond.

 

Nile Post.

 

 

 

 

Liberia: Tweah Slams 'False Debt Figures'

Samuel D. Tweah Jr., former Liberian Finance Minister, has come out strongly
against recent claims regarding the country's debt levels, asserting that
such claims are misleading and fueled by propaganda.

 

According to Tweah, the official figures for Liberia's domestic and
international debt at the end of 2023 stand at a total of US$2.1 billion,
significantly less than the US$2.6 billion figure recently circulated.

 

In a detailed statement, Tweah broke down the debt, clarifying that of the
US$2.1 billion total, approximately US$914 million is domestic debt, while
the remainder is owed to international multilateral institutions. He
emphasized that this total debt figure reflects amounts already spent and
recognized in Liberia's official debt statistics.

 

 

"Contrary to recent misleading reports, the total debt figure under the CDC
regime is accurately reported as $2.1 billion," Tweah said. "I have seen
claims that the CDC alone accumulated $2.6 billion in debt, but that is a
blatant lie."

 

Tweah provided a historical breakdown of Liberia's domestic debt. At the end
of 2017, the outgoing Unity Party (UP) administration left behind a domestic
debt of $266 million. However, Tweah noted that this figure was not
complete.

 

According to him, the UP administration had hidden over US$300 million,
which was recognized in an agreement with the International Monetary Fund
(IMF) to start a new IMF-supported program.

 

Additionally, Tweah indicated that more than US$100 million was left
unaudited at the Central Bank of Liberia (CBL) for future reviews.

 

 

Thus, Tweah argues that the total domestic debt left by the UP
administration was US$566 million, or US$666 million if including the
unaudited amount. This leaves a balance of US$348 million in domestic debt
incurred under the CDC administration.

 

"We encourage the public to verify these figures with the IMF to understand
the accurate state of Liberia's debt," he urged.

 

It can be recalled that in April 2024, the then Deputy Finance and
Development Planning Minister for Fiscal Policy, Anthony Myers, now acting
Minister, said Liberia's current domestic and international debts as of
December 2023 total US$2,337.26 billion, of which domestic debt is
US$1,022.00 billion (43.73 percent) and external debt is US$1,315.26 billion
(56.27 percent).

 

According to him, the government's public debt service portfolio, as
captured in the administration's recently submitted draft national budget to
the national Legislature, the total debt service, subscription, and other
payables for FY2024 are projected at US$217.28 million, representing a
117.69 percent increase compared to the FY2023 forecast of US$99.81 million.
However, US$129.00 million has been allocated to service this debt.

 

He said this represents an increase of 29.26 percent compared to the FY2023
forecast of US$99.81 million. Moreover, the overall debt stock as of
December 2023 stands at US$2,337.26 billion, of which domestic debt is
US$1,022.00 billion (43.73 percent) and external debt is US$1,315.26 billion
(56.27 percent).

 

Liberian Observer.

 

 

 

 

 

Kenya: Ex-TV Anchor Michelle Morgan Named Bm Securities New CEO

Nairobi — Private security firm BM Security has appointed former TV anchor
Michelle Morgan to be the new CEO.

 

She succeeds Neil Morgan, who served in the position for the past eight
years and will be taking the chairmanship post.

 

Prior, the chair served as the executive director of the firm.

 

"Michelle brings with her over seven years of experience in the security
services industry, having previously served as the Executive Director with
direct oversight of our technology division, BM Systems," BM Securities
announced.

 

"During her time in this role, she was instrumental in driving our digital
transformation initiatives, positioning the company at the forefront of
technological advancements in the security sector."

 

 

Morgan, who had a successful media industry career, worked for some of
Kenya's leading media houses, such as Royal Media Services, Mediamax Network
Limited, and Ebru Africa.

 

Between 2012 and 2014, she was the lead anchor for the 1PM business news.

 

Thereafter, Morgan worked as anchor at the Ebru Africa between 2014 before
transitioning to Mediamax, which owns K24 in a similar role between 2014 and
2017.

 

Private Security Regulatory Authority data shows that there were 763
licensed private security firms in the country as of February 2024.

 

G4S dominates the local market share with a 19 percent, followed by KK
Security (13.05 percent), Security Group (six percent), and Patriotic (five
percent).

 

Others are Well Fargo (five percent), BM Security (five percent), Riley
Falcon (three percent), Securex (three percent), Radar (two percent), and
others (38.95 percent).

 

Capital FM.

 

 

 

 

Uganda: RDC Secretariate Assesses Govt Projects in Bugisu

In an effort to enhance oversight and accountability, senior officials from
the President's Office have embarked on a rigorous assessment of government
projects in Eastern Uganda, focusing on the Bugisu sub-region.

 

Over the past week, Dr. Sister Mary Grace Akiror and Maj. Martha Asiimwe,
both commissioners from the President's Office, have led inspections of
various critical infrastructure and development initiatives in the area.

 

The inspection tour covered key projects such as the Manafwa Piped Water
Project (valued at shs 9 billion), Sisuni Seed Secondary School (shs 2.5
billion), Bugaboo Health Center IV in Manafwa District, Bududa Health Centre
III, and the Parish Development Model (PDM) beneficiaries in Bududa
District.

 

 

The inspections revealed mixed progress across these initiatives.

 

Maj. Martha Asiimwe raised concerns over the implementation of these
projects, emphasizing their importance in transforming the lives of local
communities.

 

"Effective implementation is vital for these projects to truly uplift our
people from poverty," Asiimwe stated during the inspection.

 

A significant area of concern highlighted by Maj. Asiimwe was the misuse of
government funds, particularly under the PDM, a flagship initiative aimed at
transitioning 39% of Uganda's population from subsistence to a money
economy.

 

She criticized some beneficiaries for diverting seed capital intended for
investment into luxury expenses, undermining the program's goals.

 

 

"People who receive this money must utilize it for what it is intended for,"
Asiimwe warned, adding that the diversion of funds not only stalls
development but also poses risks to national security.

 

"A poor person can be used consciously or unconsciously by wrong people.
These will be the people who may even compromise the security system because
they have nothing to lose," she noted.

 

The commissioners stressed the need for local leaders, particularly Resident
District Commissioners (RDCs) and their deputies, to ensure strict adherence
to project objectives.

 

They urged these officials to closely monitor the impact of government
programs on the ground, cautioning against corrupt practices that could
derail progress.

 

"We are also looking for those who divert government money which is not
meant for them," Maj. Asiimwe added, reinforcing the government's
zero-tolerance policy on corruption.

 

In addition to the PDM, the inspection covered health, education, and
infrastructure projects deemed critical for improving service delivery in
the region.

 

The commissioners highlighted issues such as shoddy work, absenteeism, and
drug theft in government facilities, calling for greater transparency and
accountability to address these shortcomings.

 

As the government intensifies its efforts to improve the livelihoods of its
citizens, the ongoing inspections send a clear message that mismanagement
and corruption will not be tolerated.

 

According to the commissioners, the success of these projects is not only
crucial for development but also fundamental to national security and social
stability.

 

Nile Post.

 

 

 

 

Liberia: LTA, CBL Forge Partnership to Boost Digital Economy

In a significant step toward advancing Liberia's digital economy and
ensuring compliance with national regulations, the Liberia
Telecommunications Authority (LTA) and the Central Bank of Liberia (CBL)
have formalized a partnership through the signing of a Memorandum of
Understanding (MOU).

 

This agreement establishes a collaborative framework aimed at enhancing
financial transactions via telecommunications services while maintaining the
statutory independence and authority of both institutions.

 

It will also enhance cooperation and collaboration between the LTA and CBL,
accelerate financial inclusion and bridge access gaps, facilitate affordable
access to economic and telecommunications services, support efficient access
of financial institutions to telecommunications networks, ensure that
telecommunications networks delivering financial services are secure and
comply with consumer protection and data privacy requirements.

 

 

The MOU, which was signed on Friday, August 30, 2024, outlines a mutual
commitment to enforcing respective Acts, regulations, rules, and standards,
thereby ensuring a seamless convergence of the telecommunications and
financial sectors in Liberia. Furthermore, the LTA will now join the
National Payments Council (NPC), a body that supports the Central Bank in
maintaining secure and efficient payment systems.

 

During the signing ceremony, Henry F. Saamoi, Acting Executive Governor of
the Central Bank of Liberia, welcomed officials and stakeholders to the
event, describing the collaboration as a pivotal moment in the collective
efforts to enhance synergy between the telecommunications and financial
sectors in Liberia.

 

 

"As we gather here today, we are reminded of the increasingly interconnected
world in which we live," Saamoi remarked. "The convergence of
telecommunications and financial services has become a critical driver of
socio-economic development, enabling us to reach more citizens, particularly
those in remote areas, and providing them with access to essential financial
services."

 

Several government officials at the signing ceremony of the MOU between LTA
and CBL

 

He emphasized the importance of this partnership in harnessing technology to
foster financial inclusion, bridge access gaps, and enhance the overall
economic well-being of the Liberian people.

 

"The success of this collaboration will depend not only on the leadership of
the LTA and CBL but also on the commitment of all stakeholders, including
the legislature, other regulatory agencies, and private sector partners," he
added.

 

 

Abdullah L. Kamara, Acting Chairperson of the Liberia Telecommunications
Authority, expressed his excitement about the signing of the MOU, noting
that the agreement was long overdue.

 

"Today, we are delighted to join our sister regulatory body, the CBL, in
signing this Memorandum of Understanding," Mr. Kamara stated. "This
collaboration is crucial for developing and maintaining the regulatory
environment necessary to leverage technology for digital and financial
inclusion."

 

Kamara highlighted the need for better collaboration and results-oriented
cooperation, given the increasing convergence of ICT and financial services
over public telecom networks.

 

He acknowledged that while this convergence presents enormous opportunities
for economic growth and national development, it also introduces new
challenges, particularly in areas such as cybercrimes, poor service quality,
and fair competition.

 

"Realizing that these risks and challenges are common to both sectors, we
have decided to take a shared approach by working together more closely,"
Kamara noted. "Despite the LTA and CBL having independent statutory
mandates, innovation will continue to blur the lines that separate our
sectors, making enhanced cooperation essential."

 

Kamara also called on the private sector to seize this opportunity to
contribute to Liberia's economic transformation. "We believe this
partnership will create the synergy needed to safeguard consumer rights,
foster innovation, and drive sectorial development," he added.

 

House Chairman on Banking and Currency, Representative Dorwohn T. Gleekia,
also spoke at the event, expressing his delight that the long-awaited
agreement had finally come into effect.

 

"This agreement has been in the works for years, and seeing it come to
fruition is truly rewarding," Gleekia said. "We in the legislature will
continue to enact the necessary legislation to support this initiative
because we understand its potential to drive financial inclusion and lift
our people out of poverty."

 

Similarly, Representative Ivan K. Jones, Chairman of the House Committee on
Posts and Telecommunications, hailed the MOU as a significant milestone in
Liberia's history.

 

He acknowledged the challenges that previous administrations faced in
getting the agreement signed and emphasized the importance of collaboration
between telecommunications and banking institutions to create a stronger
financial market.

 

"This MOU will go a long way in transforming our telecommunications and
financial sectors," Jones remarked. "We have seen many banking institutions
struggle to compete due to high charges from service providers, particularly
Mobile Money Operators (MNOs). Today marks a new beginning where both
sectors can work together to create a stronger financial market."

 

Jones reassured both the LTA and CBL of the legislature's unwavering
support. "You can count on us for cooperation, collaboration, and
coordination. This signing is just the beginning of a journey that will
yield substantial benefits for our economy and our people."

 

In her welcome remarks, Mrs. Miatta O. Kuteh, Director of the Payment
Systems Department at the CBL, underscored the importance of the MOU in
strengthening regulations and oversight in the financial sector.

 

She emphasized the shared commitment of the LTA and CBL to navigating the
national payment system, enhancing existing regulations, and developing new
frameworks to support innovation and extend financial services, particularly
to the under banked.

 

The MOU between the LTA and CBL represents a strategic move to ensure that
Liberia's financial and telecommunications sectors are well-regulated,
secure, and poised for growth, ultimately contributing to the country's
economic development.

 

Meanwhile, the signing of the MOU was also attended by the Minister of Posts
and Telecommunication, Sekou Konneh, Senate Chairman on Banking and
Currency, Representative Nya D. Twayan, as well as staff from both
institutions, including LTA Commissioner Patrick Honnah, Commissioner
Clarence Massaquoi, and Dr. Musa Dukuly, Deputy CBL Governor for Economic
Management, among others.

 

Liberian Observer.

 

 

 

 

Nigeria: No End in Sight to Petrol Scarcity As Economy Gasps for Breath

Lagos — There were indications, yesterday, that the petrol shortage in the
country will not end soon as $6 billion debt to petrol suppliers, lack of
liquidity and other issues have put pressure on the Federal Government's
capacity to sustain the importation of the product.

 

This is even as oil marketers said they had not been able to import the
product due to the high foreign exchange rate of $1,500/$, which has
increased the landing cost of the product to more than N1,100 per litre.

 

Meanwhile, the Nigeria Employers Consultative Association, said yesterday
that the economy continues to struggle due to fluctuations in the foreign
exchange market, continued low crude oil production, and a high monetary
policy rate that constrained business activity.

 

Checks by Vanguard indicated that players in the value chain have adopted
measures to maximise the allocation of available limited supply.

 

Vanguard gathered that under the current arrangement, major marketers, their
dealers, and depot owners get the product at about N560 per litre and sell
it to independent marketers for between N670 and N680 per litre.

 

 

The independent marketers that incur the cost of transportation to many
parts of the nation, including the outskirts, sell the product to
off-takersat between N700 and N900 per litre, depending on location.

 

There were long queues at the few filling stations that opened to customers,
yesterday, while several without the product shut their gates.

 

Debt to petrol suppliers affects sustainability -- NNPC

 

Reacting to the development yesterday in a statement, the Chief Corporate
Communications Officer, NNPC Ltd, Olufemi Soneye, stated: "NNPC Ltd has
acknowledged recent reports in national newspapers regarding the company's
significant debt to petrol suppliers.

 

"This financial strain has placed considerable pressure on the company and
poses a threat to the sustainability of fuel supply.

 

 

"We are actively collaborating with relevant government agencies and other
stakeholders to maintain a consistent supply of petroleum products
nationwide."

 

NNPC admits $6bn debt to petrol suppliers

 

The Nigerian National Petroleum Company Limited, NNPC Limited, also
yesterday admitted that it was owing its petrol suppliers a substantial
amount.

 

The company's Chief Communications Officer, Mr Olufemi Soneye, in a
statement, said the debt has posed a significant financial strain on NNPC
operations.

 

Subsidy to hit N5.4trn in Dec

 

NNPC's financial forecast has it that the total petrol subsidy bill from
August 2023 to December 2024 will reach N5.4 trillion.

 

According to NNPC, the removal of the petrol subsidy in June 2023 initially
led to monthly savings of N400 billion for the federation, enabling the
company to remit N2.032 trillion in taxes and royalties by January 2024.

 

 

However, the NNPC's costs importation turned negative in August 2023 and
rose to N5.41trn by April 2024 because of the devaluation of the naira.

 

We have no access to bulk petrol supply -- IPMAN

 

Similarly, the Independent Petroleum Marketers Association of Nigeria,
IPMAN, cried out yesterday over its members' exclusion from direct supply of
petrol from NNPC Limited.

 

The independent marketers said in the absence of direct bulk supply from
NNPC, its members had had to source products from private depot owners at
exorbitant rates.

 

IPMAN Public Relations Officer, Chief Chinedu Ukadike, who spoke exclusively
to Vanguard, said until independent marketers who operate the majority of
petrol stations across the country were able to get direct supply from NNPC,
it would be difficult to end the lingering fuel queues that had lasted over
two months.

 

He explained that while petrol products had started arriving at ports in
Warri, Port Harcourt and Lagos, IPMAN members struggled to access the
product.

 

"For some weeks now, products have not been supplied to IPMAN members. We
have been buying from other tank farm owners and major marketers. But
recently, products have started coming in. We are aware that they are
receiving products now in Warri, Lagos and Port Harcourt, and marketers'
barge will soon come out.

 

"If IPMAN members can holistically be allocated the product, all these
issues of profiteering and bottlenecks will be resolved. This is our
constraints and there is nothing we can do than go to other tank farms to
see if we can get product from them.

 

"So, we don't have access to our own petroleum products and allocations have
not been given to us," he declared.

 

Ukadike assured that if the bottlenecks were resolved, there would be
products at affordable rates.

 

Speaking on why the cost of obtaining the product from the private depots
was high, he said: "The price varies, depending on how scarce the product
is.

 

"When the product is scarce, the tank farm owners normally sell to their own
filling stations. So, what we now do is to go to their filling stations
where there will be a surge of trucks waiting to be discharged to see how we
can be able to lobby and pay extra money to get petroleum products.

 

"Likewise for NNPC. Once you go to their filling stations, you will see a
surge of trucks, over 6-7 trucks parked by the side waiting to be
discharged. So, we are no longer independent marketers; we are now dependent
marketers. Independent marketers are not really captured in terms of the
distribution of the chain".

 

 

He explained that before now, it costs about N500,000 to bring a truck from
the coastal depots to Abuja but noted that cost has escalated to about N3.5
million due to the high cost of diesel, truck maintenance and bad roads.

 

Oil marketers had recently advocated a reduction in the pump price of diesel
to N700 per litre to help improve the distribution of petrol across the
country.

 

The President of the Natural Oil and Gas Suppliers Association of Nigeria,
NOGASA, Mr. Benneth Korie Doi, stated in Abuja that the high cost of diesel
used by trucks was a significant barrier to the efficient distribution of
petrol nationwide.

 

Mr. Doi had said: "Regarding the prices of Automated Gas Oil, AGO, with
Dangote's refinery production and crude oil transactions in naira, we expect
a reduction in AGO prices. NNPC should leverage its shares in Dangote's
refinery to drive down these costs, which will, in turn, lower
transportation expenses and reduce market prices."

 

He emphasized the need for the government to create a competitive downstream
sector in the petroleum industry, arguing that monopolies were detrimental.

 

"We must foster a competitive environment to ensure the healthy circulation
of petroleum products. I commend Aliko Dangote for his monumental
contribution to our industry through the establishment of the largest
refinery in Nigeria.

 

"This development promises substantial benefits, including enhanced supply,
increased competition, and a boost to our national economy and currency.

 

"To ensure balanced distribution, I urge that Dangote's refined products be
made available to a broader range of stakeholders, including NNPC Trading,
NNPC Retail, DAPPMAN, MOMAN, IPMAN, PETROAN, and NOGASA. This inclusivity
will facilitate sustainable and widespread distribution across the country,"
he said.

 

Dangote Refinery to end shortage -- PETROAN

 

Also reacting to the development in an interview with Vanguard, yesterday,
the Chairman of the Lagos chapter of the Petroleum Products Retail Outlets
Owners Association of Nigeria, PETROAN, Mr. Joseph Ehimen, said: "The sector
was deregulated to bring about positive changes. But the changes have been
wiped out because of this fuel shortage.

 

"Nigerians are suffering because of limited supply. As operators, we are
also facing many problems, including the high cost of moving the product
from the depots to the filling stations, maintenance cost and dues.

 

"We are aware of efforts by NNPC Ltd to maintain the refineries. We need to
get them to work as quickly as possible. If all required arrangements are
made, Dangote Refinery should be able to assist in ending the fuel shortage
because of its huge 650,000 barrels per day capacity."

 

Why Nigeria's economy continues to struggle--NECA

 

Meanwhile. the Nigeria Employers Consultative Association, NECA, has given
reasons the nation's economy is still struggling, despite its resilience in
the second quarter of 2024.

 

"Nigeria's economy demonstrated resilience in the second quarter of 2024,
with a Gross Domestic Product, GDP, growth of 3.19 per cent year-on-year in
real terms.

 

"This growth rate surpasses the 2.51 per cent recorded in the same quarter
of 2023 and is aiso higher than the 2.98 per cent growth seen in the first
quarter of 2024.

 

These figures reflect a positive economic trajectory, driven primarily by
strong performances in the services and industry séctors," the National
Bureau of Statistics, NBS, had said in its latest report.

 

However, analysing the report, NECA's Director-General, Mr Wale-Smatt
Oyerinde, said in Lagos: "The services sector emerged as the leading force
behind this growth, recording a robust 3.79 per cent increase and
contributing 58.76 per cent to the aggregate GDP.

 

"This sector's expansion underscores its critical role in Nigeria's economic
fabric, highlighting the importance of continued investment in
service-oriented industries such as telecommunications, finance and real
estate.

 

"The industry sector also showed significant improvement, growing by 3.53
per cent in Q2 2024, a notable recovery from the -1.94 per cent contraction
in the same quarter of the previous year.

 

"This sector's turnaround signals a potential revival in manufacturing and
construction activities, areas vital for job creation and economic
stability. Agriculture, while essential, grew by a modest 1.41 per cent,
slightly down from the 1.50 per cent growth recorded in Q2 2023.

 

"This indicates a need for strategic interventions to enhance agricultural
productivity, especially considering the sector's crucial role in food
security and rural development.

 

Navigating economic headwinds

 

"Despite these positive developments, Nigeria's economic outlook is tempered
by both global and domestic challenges. The International Monetary Fund,
IMF, recently revised Nigeria's growth projection downward by 0.2 percentage
points, from 3.3 per cent to 3.1 per cent .

 

"This revision reflects the broader global slowdown, driven by tighter
monetary policies from central banks and reduced growth in key economies
like China.

 

"Domestically, Nigeria faces its own set of challenges, including
fluctuations in the foreign exchange market, continued low crude oil
production, and a high monetary policy rate that constrains business
activity. These factors collectively dampen the full potential of the
economy, making it imperative for strategic policy interventions.

 

Sustainable growth

 

"To sustain and build upon the recent economic gains, Nigeria must focus on
comprehensive sectoral reforms that enhance the business environment and
attract both domestic and foreign investments.

 

"Key areas for government action include agricultural productivity.
Supporting farmers with modern technology and access to finance is crucial
to increasing agricultural output and ensuring food security. Investments in
this sector will also help to stabilize rural economies and reduce poverty.

 

 

"Revitalizing the industrial sector: Infrastructure improvements,
particularly in energy and transportation, are essential for the industrial
sector's growth. By creating a more conducive environment for manufacturing
and construction, Nigeria can drive economic diversification and reduce
reliance on oil revenues.

 

"Investing in Human Capital: Education and skill development are critical
for empowering the workforce and fostering innovation. By focusing on
upskilling workers, Nigeria can ensure that its labour force is
well-equipped to meet the demands of a rapidly evolving economy,
particularly in the services and technology sectors.

 

"Strengthening Macroeconomic Stability: Addressing the volatility in the
foreign exchange market and ensuring a more stable macroeconomic environment
will help to boost investor confidence and support sustainable economic
growth."

 

Pathway to Economic Resilience

 

On economic resilience, Mr Adewale Oyerinde insisted that "while Nigeria's
economy is not yet at a stage of unqualified success, the recent GDP growth
indicates a positive momentum that, if well-managed, can lead to sustained
economic improvement.

 

"Government should focus on implementing targeted reforms to enhance
productivity across key sectors, attract investment, and ultimately create a
more resilient and diversified economy.

 

"By doing so, Nigeria can better navigate the global and domestic challenges
it faces and pave the way for long-term economic prosperity."

 

Ultimatum for traders to crash prices

 

On the recent one month ultimatum given to the traders by the Federal
Competition and Consumer Protection Commission, FCCPC, to crash prices of
essential commodities, the NECA Director-General cautioned against the use
of enforcement to moderate prices in the economy.

 

According to him, this will be tantamount to price control, which may lead
to hoarding of commodities and further distortion of the economy.

 

He urged the government to, among others, embrace measures that would
encourage foreign exchange, FX, conservation and adoption of a more
beneficial exchange rate regime.

 

He said: "The continuous escalation in commodity prices and service charges
in the economy is a product of the abrasive macroeconomic fundamentals. The
magnitude of the three key economic prices (rates), (exchange rate,
inflation rate and interest rate), coupled with contradictions in the
regulatory environment all conspired to influence current price rates.

 

"With a constantly fluctuating exchange rate and galloping lending rate,
high energy costs, multiplicity of taxes, levies and fees and an unfriendly
regulatory environment, it will be practically impossible to have a stable
price regime.

 

"The use of enforcement to moderate prices in the economy would be
tantamount to price control, which may lead to hoarding of commodities and
further distortion of the economy.

 

"Any price control measure would also contradict the market economy that the
government is projecting and send wrong signal to prospective foreign and
domestic investors.

 

"The Federal Competition and Consumer Protection Commission, FCCPC, may
never be able to determine what the right commodity prices and service
charges will be, given the complex costs situation businesses face - FX
cost, Custom FX cost, cost of borrowing, energy cost, internal
transportation logistics cost, taxes, regulatory cost, increase wages and
salaries, and many more.

 

"The increasing commodity prices and service charges could be better
moderated by addressing the macroeconomic fundamentals, such as inflation,
exchange rates and fiscal policies, which feed into the high cost of doing
business in the economy.

 

"The federal government should embrace measures that would encourage FX
conservation, adopt a more beneficial rate exchange regime, embark on
inward-looking monetary management to moderate cost of borrowing, invest
significantly in infrastructure development, encourage domestic refining to
lower cost of transportation, logistics and pursue general improvement in
the business operating environment."

 

Subsidy bill hitting N6.8trn -- NNPC

 

NNPC's financial forecast has it that the total petrol subsidy bill from
August 2023 to December 2024 will reach N6.884 trillion.

 

According to NNPC, the removal of the petrol subsidy in June 2023 initially
led to monthly savings of N400 billion for the federation, enabling the
company to remit N2.032 trillion in taxes and royalties by January 2024.

 

However, the NNPC's costs of importation turned negative in August 2023 and
rose to N833.68 billion by April 2024 because of the devaluation of the
naira.

 

Vanguard News Nigeria

 

 

 

 

 

Malawi: Mera Sensitizes Media On Fuel Pricing Mechanism

Malawi Energy Regulatory Authority (MERA) has underscored the need for the
media to be equipped with knowledge on fuel pricing in the country.

 

Director of Economic Regulations at MERA, Patrick Uka, said this in Lilongwe
during a media training on fuel pricing and related issues, which the energy
regulator held in collaboration with the Ministry of Information and
Digitalization.

 

Uka said the media is critical in enhancing understanding on operations of
the regulator in fuel pricing mechanisms.

 

"There is a knowledge gap in the media on how fuel prices are effected,
starting from international to national pricing," he said while emphasizing
on Automatic Pricing Mechanism (APM), which ensures prices of fuel are
uniform and sustainable.

 

 

"The mechanism operates automatically to ensure that local prices reflect
the movement of Free on Board (FOB) oil prices on the international market.

 

"There are different elements that go into the price of fuel from costs at
the port to transportation until they reach at the point of destination".

 

Uka added that Mera performs uniform pricing as compared to other countries
where fuel prices differ according to locations.

 

Uka further said MERA is planning to work on the levies as the Price Build
Up is loaded since the regulator is still paying some parastatals that
graduated, citing Malawi Bureau of Standards (MBS) which can now operate
without fuel levy.

 

In his remarks, Director of Information, Arthur Chipenda, commended MERA for
engaging the media on issues of national importance, especially the
country's fuel pricing mechanism.

 

"The media should indeed be knowledgeable on how the pricing of such
strategic commodities are done so that they disseminate correct information
to the nation," he said.

 

Malawi adopted APM in 2012 to ensure sustainability of fuel prices.

 

Nyasa Times.

 

 

 

 

Somalia Celebrates Economic Gains Post-Debt Relief in Washington Meetings

Washington, D.C. — Somalia's Minister of Finance, Bihi Iman Cige, concluded
a series of productive meetings with top officials from the World Bank and
the International Monetary Fund (IMF) in Washington, D.C., signaling a
positive trajectory for Somalia's economy post-debt relief.

 

In a media briefing following his business trip, Minister Cige expressed
optimism about Somalia's economic future. "After the debt relief, Somalia
has made significant economic progress, which is a matter of great happiness
for us," he stated. The minister's visit to the U.S. capital aimed at
fostering international financial cooperation and discussing strategies for
sustainable growth.

 

The meetings, described by Cige as successful, focused on the economic
reforms and development plans that Somalia is undertaking. "Our discussions
were fruitful, and we are aligned with the international community in our
efforts to boost Somalia's economy," he added.

 

Minister Cige emphasized that the Federal Government of Somalia remains
committed to hard work and strategic planning to ensure substantial economic
growth. This visit underscores Somalia's ongoing efforts to rebuild and
stabilize its economy with the support of global financial institutions.

 

Shabelle.

 

 

 

 

CMOC - 670% Surge in Net Profit for H1 2024 Driven by Record Growth and
Ambitious Strategic Projects

CMOC, a global leader in the exploration, mining, and marketing of rare
metals, today announced exceptional half-yearly results, with a net profit
attributable to the parent company of $762 million USD, marking an
astounding increase of 670.43% compared to the previous year. This record
performance is driven by sustained production growth, rigorous cost
management, and significant advancements in its strategic projects in the
Democratic Republic of the Congo (DRC).

 

Unprecedented Financial Performance

 

CMOC’s revenue reached $14.47 billion USD, an increase of 18.56% compared to
the same period last year. This growth was primarily fueled by rising metal
prices in global markets, particularly copper and cobalt, coupled with the
optimization of the company’s operations. EBITDA also experienced
significant growth, increasing by 197.83% to $2.25 billion USD.

 

Record Production: DRC assets drive results.

 

CMOC significantly outperformed its production targets in the first half of
2024:

 

Copper: 313.8 kt, up 100.74% YoY.

Cobalt: 54,000 tonnes, up 178.22% YoY.

Niobium: 5,082 tonnes, up 8.23% YoY.

Phosphate fertilizer: 583.3 kt, up 6.47% YoY.

The achievements in copper and cobalt production are the result of optimized
production capacities at the TFM and KFM facilities in the DRC, which have
been expanded to support a stable and increased output of these essential
metals.

 

Strategic Projects: a sustainable growth engine

 

CMOC’s investments in strategic projects have played a crucial role in this
growth. The TFM East facility has reached full production capacity, with an
annual capacity of 450,000 tonnes of copper and 37,000 tonnes of cobalt. KFM
has maintained stable production with an annual capacity exceeding 150,000
tonnes of copper and 50,000 tonnes of cobalt. Additionally, the signing of
the Nzilo II Hydropower Project agreement ensures a stable and sustainable
energy supply to support ongoing production capacity expansion.

 

CMOC has announced that its results for the first half of 2024 are the
outcome of a collective effort and an ambitious corporate strategy. By
generating value for stakeholders, creating jobs, and contributing to the
economic development of local communities, the company reaffirms its
long-term commitment to making a positive and lasting impact. CMOC is
dedicated to continuing to intensify its efforts to meet the expectations of
its customers, partners, and civil society.

 

Alongside its financial growth, CMOC remains firmly committed to sustainable
development. The company’s TFM site was the first in Africa to receive "The
Copper Mark" certification, demonstrating CMOC’s dedication to responsible
mining practices. CMOC continues to enhance its sustainability initiatives,
maintaining an AA rating in MSCI’s ESG assessments, positioning itself among
the top 19% performers in the global non-ferrous metals sector.

 

About CMOC

 

CMOC Group Limited was founded in 1969 and is a privately managed company
listed on the Hong Kong in 2007 and the Shanghai stock exchanges in 2012.
CMOC is an international company specializing in the exploration, mining,
processing, refining, marketing, and trading of rare metals. The company's
main assets and operations are located in Asia, Africa, South America, and
Europe.

 

The company is one of the world's largest producers of tungsten, molybdenum,
and niobium, the largest cobalt producer, and a global leading copper
producer. It is also the second-largest producer of phosphate fertilizers in
Brazil. In terms of business activities, the company ranks among the top
three base metals traders in the world. In line with its dedication to
positive environmental and social impact, the company invests heavily in ESG
(Environmental, Social, Governance) initiatives, resulting in the creation
of over 32,000 jobs.

 

 

 

South Africa: Transport Department Announces Preferred Bidder to Print New
Driving Licence Card

The Department of Transport has announced the appointment of IDEMIA Identity
and Security - South Africa as the preferred bidder to produce new smart
driving licence cards.

 

The appointment was approved on 8 August 2024.

 

IDEMIA is expected to enter into a service level agreement with the
department before commencing with its work to put in place the
infrastructure and systems.

 

More information in terms of the timeframes will then be made available to
the public once the service agreement has been signed.

 

"The new licence card will incorporate new security features aimed at
eliminating the ever-increasing risks of fraudulent and counterfeit driving
licenses.

 

 

"Considering the cost drivers of producing the driving license and the risk
of fraud and corruption, the new driving license will continue to be
manufactured centrally," the department said.

 

The department embarked on a process to find a service provider with a
tender advertisement in the government tender portal on 5 April 2023, which
closed on 5 May 2023.

 

This resulted in five bidders' responses that were received and subjected to
a thorough and transparent process of evaluation and adjudication by the
bidding committee.

 

"It was also subjected to a probity/audit process - the probity conclusion
being that all the processes were in compliance with prescribed legislation
and policies," the department said.

 

On 30 August 2022, Cabinet of the 6th administration approved a proposal by
the department to produce a new driving license card for the country.

 

SAnews.gov.za.

 

 

 

Nigeria Has 1,091 Tourist Sites, Supports 1.9m Jobs - Minister

Nigeria's Minister of Tourism, Ms Lola Ade John, has said that the tourism
sector has the potential to provide huge revenues to the country and provide
a viable alternative to the country's dependence on the oil sector if
properly harnessed.

 

The minister made the disclosure at a webinar hosted by the Tourism and
Hospitality Industries Thematic Group (THITG) of the Tourism, Hospitality,
Entertainment, Creatives, Culture and Sports Industries Policy Commission
(THECCSPC) of the Nigerian Economic Summit Group (NESG) ahead of the 30th
Nigerian Economic Summit (NES#30).

 

At the webinar which had the theme: "Domestic Tourism: A Powerful Tool for
Rural Revitalisation and Economic Growth in Nigeria", the minister said, "By
shifting attention to domestic tourism, significant opportunities can arise
for rural communities. In 2022, the tourism sector contributed N17.3bn to
Nigeria's GDP, compared to 7.5 per cent of GDP in France."

 

 

She said Nigeria boasted 1,091 tourist sites across 356 states and the FCT,
many of which were undergoing revitalisation, noting that the notable sites
included Obudu, Ogbunike, Osun-Osogbo Grove, Kajuru Castle and Yankari Game
Reserve, which were improving in terms of historic architecture, wildlife
conservation and ecotourism efforts.

 

She further said, "There is also a need for investment in domestic tourism
to revitalise communities, provide an avenue for huge revenue, spur
entrepreneurship and generate revenue as the sector currently supports 1.9
million jobs.

 

In his welcome address, Mr Udeme Ufot, Co-Chair of THECCSPC, said that the
sector had the potential to generate significant income through new revenue
streams and create job opportunities across various sectors and contribute
to economic diversification.

 

Similarly, Mr Folorunsho Coker, Director General of the Nigerian Tourism
Development Corporation (NTDC), called for Public-Private Partnerships
(PPP), community involvement and sustainable funding models for promoting
domestic tourism, noting that domestic tourism was six times the size of
international tourism and was essential for addressing employment issues.

 

Daily Trust.

 

 

 

Nigeria: Dangote Refinery - the Wicked Have Done Their Worst

"Corruption remains one of the most significant obstacles to the progress
and prosperity of our nations. It undermines the very fabric of our
societies, erodes public trust, and impedes equitable distribution of
resources" -- President Bola Tinubu in an address to ECOWAS leaders

 

A senior cousin of mine died recently, aged 96. During the condolence visit
to his family, the wife, aged 89, kept repeating to every visitor: "The
wicked have done their worst".

 

To me, it was absolutely hilarious. But, none of us, younger, was so uncouth
as to laugh in my auntie's face. On many occasions, our refusal to face the
truth staring us in the face is also a form of corruption. We thereby avoid
having to take the difficult decisions required to make real progress.

 

 

Dangote Refinery is the most obvious case study. But, it is not the only
one. Permit me to make a categorical statement which anybody not
self-delusional should be able to figure out for themselves; anybody
includes Alhaji Aliko Dangote.

 

The refinery will not receive 650,000 barrels of crude from Nigeria for a
long time to come - if ever. The reasons are so clear that only corruption
of thought prevents the Federal Government, the Nigerian National Petroleum
Company Limited, NNPCL and Dangote, as well as his supporters, from
admitting the truth.

 

Crude production and commitments make it impossible

 

"Producers decline sale of 460,000bpd to Dangote, others" - News Report,
August 21, 2024

 

If Dangote wants to know who "the wicked who have done their worst" are, he
would have to start from the Presidency, to the Ministry of Petroleum
Resources to NNPCL. In one way or another, they delivered the dagger thrusts
in the back to Dangote, despite his generous contributions to their
campaigns. Self-righteous Obasanjo, as usual, established the template
fusing the office of President with that of Minister of Petroleum Resources.
He performed woefully on both and left a great legacy of corruption in the
two roles. One of the precedents he left behind, making it impossible for
Dangote Refinery to ever receive 650,000bpd of crude from Nigeria's
production was the mandatory allocation of crude oil to NNPC's four
refineries as the table below clearly indicates.

 

 

Those in government were already aware that 445,000 bpd was already
committed to the four scraps we call refineries when Dangote went to discuss
with them about his refinery needing 650,000 bdp.

 

January - July crude oil production

 

 

"Oil production fell in Q2 - NBS" - News report, August 28, 2024

 

The report informed those who want facts instead of fiction, that "The
nation in the second quarter of 2024 recorded an average daily production of
1.41 million barrels per day (mbpd)". In the first quarter, the production
was 1.57 mbpd.

 

Several questions arise. First, with a firm commitment to refineries of
445,000 bpd, how much will be left for the FG, if 650,000 bpd is allocated
to the Dangote Refinery? Furthermore, with several other Nigerian refineries
springing up, and just as entitled to Nigerian crude, how many more
thousands of crude would eventually be allocated to domestic refineries?
Remember that 1.095mbpd would have been committed to meet the requirements
of just NNPC and Dangote refineries - leaving only 315,000 bpd. Would the
315,000 enough for the FG to export and earn badly needed foreign exchange?
The clear answer is NO; and the FG, NNPCL and Dangote are aware of this.

 

To start with, not all the 1.41mbpd belongs to the FG or NNPCL. In fact,
less than half is theirs. So, all that the Dangote Refinery could have
legitimately counted on receiving, if it started operations in December
2023, as previously advertised, would have been less than 300,000bpd.
Unfortunately, even that volume would not be consistently delivered to the
refinery. Here is why.

 

Dangote swindled by Buhari and NNPCL

 

"It was beautiful and simple; as all truly great swindles are" - O Henry,
1862-1910. VBQ p 239

 

Alhaji Dangote is no fool; otherwise he could not have become the richest
man in Africa for years. But, even the best in every game sometimes blunder.

 

Dangote consulted with all the people that mattered in the Buhari government
before embarking on the project. The most important individual was the
Minister for Petroleum Resources; who also was the President - Buhari. He
must have been assured of supply of 650,000bpd before proceeding. He
believed them. That might turn out to be his greatest mistake in an
otherwise string of astonishing successful decisions.

 

He was probably assured that Nigeria would be producing two million barrels
per day by the time the refinery was ready for supplies. He believed them.
Deliberately, it was not disclosed that 400,000bpd was being stolen and
there was no respite in sight. They also "forgot" to tell him about
445,000bpd committed to NNPCL refineries. Furthermore, the Buhari
administration had borrowed huge amounts of money, undisclosed to Nigerians,
using future crude oil supply as collateral. Reliable insiders inform me
that nearly 300,000bpd is involved in those deals.

 

Finally, as pointed out before, less than half of crude produced in Nigeria
belongs to the FG. So, even if the country produces 2mbpd, only 1mbpd
belongs to the FG. Add up all the commitments and it should be clear that,
had the FG been an individual it stands accused of 419. Yet, Dangote
believed them even as he was being serially swindled.

 

"Producers decline sale of 460,000bpd crude to Dangote" - News report,
August 21, 2024

 

So, where will 650,000bpd come from to supply Dangote?

 

Unforeseen problems

 

Dangote must have dismissed the possibility of competitors once his giant
refinery was approved. The assumption was understandable. With a refinery
holding 650,000bpd of crude oil processing capacity, and the crude oil
supply guaranteed, there would be no need for another refinery. At any rate,
there would be no domestic crude for any challenger to process. Well, that
has turned out to be a wrong assumption. At least four other refineries
would be ready to come up; and they also are requesting for crude supply
from the FG as a matter of right. The FG/NNPCL has a whale of a problem on
their hands regarding finding the crude to supply the new refineries.

 

NNPCL has also taken loans, using future crude as collateral. That will not
be available for allocation to Dangote refinery. Virtually all the
independent crude producers operate with loans to be repaid with future
crude production. The FG cannot compel any of them to breach their
contracts, just to supply Dangote refinery.

 

Just in case you don't know where I am going; let me tell you; Dangote
Refinery might never receive 650,000bpd of crude from Nigeria.

 

Vanguard.

 

 

 

 

Nigeria: Experts Outline Way Forward for Nigeria's Energy Future

Oil and gas industry experts have revealed the roadmap to a more secured
future for Nigeria's energy sector.

 

Speaking at the 2024 NBCC (Nigerian-British Chamber of Commerce) Energy
Group event in Lagos last week, themed: "Securing Nigeria's Energy Future:
The Way Forward," Managing Director, Shell Nigeria Gas, Mr Raph Gbobo,
explained that securing Nigeria's energy future was about making strategic
choices that would shape the trajectory of the nation for the days to come.

 

According to him, crude oil industry would stop growing and start to
decelerate after 2030, adding that natural gas is the only fossil fuel
expected to grow beyond 2030.

 

 

Gbobo said measures to drive energy security in the immediate term involves
enforcing discipline and transparency in the gas transportation network
operation and implementing gas balancing, while on the medium term, the
energy sector must transition to cost reflective pricing, install and
maintain the right meters, upgrade of existing transportation
infrastructure, promote willing-buyer/willing-seller marketplace.

 

"In the long term, the Federal Government should support investment in gas
infrastructure and offer fiscal incentives to incentivise distribution
infrastructure investments.

 

"Natural gas with its abundant resources and lower carbon emission offers a
powerful tool to navigate the energy sector transition. While we are
focusing on natural gas, we must also continue to maximize value from our
oil riches combined with a robust strategy for renewable energy,
infrastructure development and technical innovation that we can build a
resilient, sustainable and inclusive energy system that powers our nation
growth.

 

 

Earlier in his welcome speech, President of NBCC, Mr. Ray Atelly, said that
the instability of the national grid was a significant blockage hindering
economic growth and affecting quality of life, adding that the global shift
towards sustainability underscores the urgency for Nigeria to diversify its
energy sources, particularly towards renewables like solar, wind, and
hydropower.

 

"The transition towards renewable energy sources is no longer a choice but a
necessity. As we confront environmental challenges and endeavor to meet the
energy needs of a growing population, this transition opens up a world of
possibilities", he said.

 

Also speaking, Special Adviser to the President on Energy, Mrs. Olu
Verheijen, said that efforts are in place to make the country's energy
environment more attractive for investments.

 

She stated: "The government is ready to improve regulatory certainty to make
Nigeria a top three destination for investments in oil and gas. There have
been presidential directives to clarify the role of regulators to attract
investment in upstream and midstream sectors and to focus on fiscal
incentives to drive energy transition to gas among others.

 

"We have issued fiscal incentives and have attracted over $500 million and
have started paying our gas debts. The President also launched an initiative
to bridge the metering gap, we have grown our grid capacity by having a
commercially viable value chain and designed targeted subsidies to protect
the poor".

 

Vanguard.

 

 

 

Is US economy better or worse now than under Trump?

It has been a recurrent theme of this US presidential campaign - has the US
economy performed better under Joe Biden or Donald Trump?

 

“By many indicators our economy is the strongest in the world,” Democratic
Vice-President Kamala Harris has claimed.

Trump, the Republican nominee and former president, says he created the
"greatest economy in the history of our country", and the Biden-Harris
administration has ruined it.

We have looked at some key indicators to compare economic performance under
the two presidencies.

 

US economic growth

Although the impact of Covid has made comparison difficult, both presidents
can count some notable economic successes despite wages struggling to keep
up with price increases in recent years.

First, let's look at economic growth using Gross Domestic Product (GDP) -
the value of all goods and services in the US economy.

There was a dramatic collapse in this figure during Covid as many businesses
shut.

Following the pandemic, the economy bounced back strongly under Trump and
recovered better than many other western countries.

This has continued under Mr Biden, with the US producing the strongest
pandemic recovery within the G7 as measured by GDP.

 

BBC News US economic growthBBC News

 

But over Trump's four years in office, it was not the greatest economy in US
history, as he likes to claim.

Between January 2017 and January 2021, average annual growth rate was 2.3%.

This period includes the slowdown and recovery of the economy as a result of
the Covid pandemic.

Under the Biden administration so far, this figure is 2.2% - so almost the
same.

There have been periods in the past when GDP growth was significantly higher
than the average under both Trump and Biden, such as in the 1970s.

BBC News US economic growth since 1970BBC News

 

Inflation

The rate at which prices are rising has been a big issue in the campaign.

Prices rose significantly during the first two years under Mr Biden -
hitting a peak of 9.1% in June 2022.

Trump has said the US has experienced “the worst inflation we've ever had”.

But that's not true - inflation was last above 9% in 1981, and it has been
much higher than that at several other points in US history.

Inflation has now fallen to around 3% - but it remains higher than when
Trump left office.

BBC News US inflation rateBBC News

 

Grocery prices, for example, increased by 13.5% over the year ending in
August 2022.

This was the peak under the Biden administration, and prices have stabilised
somewhat since, with the cost of groceries rising by 1.1% from July 2023 to
July this year.

The recent trend is comparable with many other Western countries which
experienced high inflation rates in 2021 and 2022, as global supply chain
issues driven by Covid and the war in Ukraine contributed to rising prices.

But some economists say Mr Biden’s $1.9tn (£1.5tn) American Rescue Plan,
which passed in 2021, was also a factor - as the injection of cash into the
economy led to prices rising further.

Employment

The Biden administration has repeatedly pointed to strong job growth as a
major achievement.

Before big job losses in 2020 due to Covid, in the first three years of
Trump's presidency almost 6.7 million jobs were added, according to data for
non-farm jobs (which covers about 80% of workers in the labour force).

There's been an increase of almost 16 million jobs since the Biden
administration took over in January 2021.

 

US job growth 2009-2024

Mr Biden claims this is the “fastest job growth at any point of any
president in all of American history”.

That’s correct - if you look at the available data since records began in
1939.

But his administration has benefited from a sharp rebound in economic
activity as the country emerged from pandemic lockdowns.

“Many of the jobs would have come back if Trump had won in 2020 - but the
American Rescue Plan played a major role in the speed and aggressiveness of
the labour market recovery,” says Professor Mark Strain, an economist at
Georgetown University.

This spending plan passed under the Biden administration in 2021 was
designed to help stimulate the economy following the pandemic.

Weaker than expected job growth in July led to fears of a sudden downturn in
the US economy and stock markets were hit as a result, but they've since
stabilised.

 

BBC News US unemployment rateBBC News

Both administrations have pointed to low unemployment levels under their
leadership.

Prior to the pandemic, Mr Trump delivered an unemployment rate of 3.5%.

As in many parts of the world, Covid lockdown measures led to soaring levels
of unemployment in the US - but the unemployment levels had dropped back
down to around 7% when Trump left office.

Under the Biden administration unemployment continued to fall to a low of
3.4% in January 2023 - the lowest rate in more than 50 years - but it it has
since ticked up to 4.3%.

 

Wages

In terms of wages, these did rise under Trump but at a similar rate to his
predecessor Barack Obama, up until the pandemic hit.

Workers’ wages increased rapidly at the start of 2020 during the Covid
pandemic - but the sudden uptick in wages was linked to lower paid workers
being more likely to be laid off, which raised the average wage of people
who were still employed.

Under Mr Biden, average weekly earnings have grown, but they have struggled
to keep up with the increase in prices caused by high levels of inflation.

When adjusted for inflation, average weekly wages are less than when Mr
Biden came into office.

BBC News US wagesBBC News

 

Financial markets

The US stock market isn't necessarily a reflection of the broader economy,
but many Americans have investments, so its performance holds some
importance.

The Dow Jones Index is a measure of the performance of 30 large companies
listed on US stock exchanges.

US financial market chart - Dow Jones Index 20216-2024

It reached record highs during Trump’s presidency, but crashed as markets
reacted to the pandemic, wiping out all the gains made under Trump.

However, the financial markets recovered to above pre-pandemic levels by the
time Trump left office in January 2021.

They have continued to grow under Mr Biden, and although there have been
recent wobbles, they have reached record levels under his administration as
well.-BBC

 

 

 

China's mission to win African hearts with satellite TV

As African leaders gather in Beijing this week for the triennial
China-Africa summit, Chinese President Xi Jinping may have one thing under
his belt to boast about - satellite TV.

 

Almost nine years ago, President Xi promised the heads of state attending
the Forum on China-Africa Cooperation (FOCAC) in Johannesburg that China
would provide over 10,000 remote villages in 23 African countries with
digital TV access.

With over 9,600 villages having received satellite infrastructure, the
project is now nearing completion.

 

The ambitious pledge, revealed during a period of warm China-Africa
relations and funded by China’s aid budget, was entrusted to StarTimes, a
private Chinese company already operating in several African countries.

It was an apparent show of goodwill and an opportunity for China to flex its
soft power in a strategically important region.

As China's economy struggles and Beijing re-calibrates its Africa strategy,
the BBC visited four villages in Kenya to find out if this "soft power"
initiative had paid off.

In the village of Olasiti, about three hours’ drive west of the capital,
Nairobi, Nicholas Nguku gathered his friends and family to watch Kenyan
athletes running at the Paris Olympics on television.

“I’m very happy to see the Olympics, which for many years we had not been
able to see before we got StarTimes,” he said, speaking of the company’s
installation of satellite dishes about four years ago.

 

Nicholas Nguku gathered his friends and family to watch the Paris Olympic
games at his home in a village west of Nairobi

Nicholas Nguku gathered his friends and family to watch the Paris Olympic
games

He is far from the only beneficiary of StarTimes’ presence across Africa.
First introduced to the continent in 2008, StarTimes is now one of the
largest private digital TV providers in sub-Saharan Africa, with more than
16 million subscribers.

Analysts say that low pricing initially helped to secure its foothold.

In Kenya, monthly digital TV packages range from 329 shillings ($2.50; £2)
to 1,799 shillings ($14; £10.50).

In comparison, a monthly package for DStv, owned by MultiChoice, another
major player in the African digital TV market, costs between 700 and 10,500
shillings.

While StarTimes partly relies on subscriptions for its core revenue, the
“10,000 Villages Project” is funded by China's state–run South-South
Assistance Fund.

The satellite dishes all feature the StarTimes logo, Kenya’s Ministry of
Information emblem, and a red “China Aid” logo. During the installation of
these dishes, StarTimes representatives said that this was a "gift" from
China, several villagers recalled.

 

A StarTimes satellite dish atop a village house in Kenya

A StarTimes satellite dish atop a village house in Kenya

According to Dr Angela Lewis, an academic who has written extensively on
StarTimes in Africa, the project had the potential to leave a positive image
of China for African audiences.

Villagers under the project ostensibly received everything for free,
including the infrastructure, such as a satellite dish, battery, and
installation, as well as a subscription to StarTimes’ content.

This was a “game-changer,” according to Dr Lewis, as remote villages in
Africa previously mostly had access to choppy and unreliable analogue TV.

For many, this was their first access to satellite dishes, altering the way
villagers interacted with the outside world, she said.

For community centres like hospitals and schools in Ainomoi village in
western Kenya, subscriptions remain free.

At the local clinic a digital TV in the waiting room helps patients pass the
time. And at a primary school, pupils enjoy watching cartoons after school.

“After we finish schoolwork, we’ll all watch cartoons together and it’s a
very enjoyable and bonding experience,” said Ruth Chelang’at, an
eighth-grade student at the school.

However, several Kenyan households interviewed by the BBC say the free trial
unexpectedly lasted only a limited amount of time.

Despite its relatively cheap price, extending subscriptions was considered a
significant financial burden for many.

With that, the initial excitement has waned among some of the project’s
beneficiaries, putting a dent in China’s push to build up goodwill.

“We were all very happy when we first got the satellite dish, but it was
only free for a few months, and after that we had to pay,” said Rose
Chepkemoi, from Chemori village in Kericho county. “It was too much so we
stopped using it.”

 

 

Without a subscription, only certain free-to-air channels, such as the
Kenyan Broadcasting Cooperation, are available, according to those who no
longer subscribe to StarTimes packages.

During the BBC’s visit to four different villages that received StarTimes
dishes from 2018 to 2020, many villagers reported stopping their use of
StarTimes after the free trial ended. The chief of Ainamoi village said that
many of the original 25 households who received the satellite dishes in his
village opted not to subscribe.

The BBC contacted StarTimes for comment on the free trials but did not
receive a reply.

 

China’s influence extends to the content broadcast on StarTimes channels,
with mixed results. Even the cheapest packages include channels like Kung Fu
and Sino Drama, showcasing predominantly Chinese movies and series.

In 2023, over 1,000 Chinese movies and TV shows were dubbed into local
languages, Ma Shaoyong, StarTimes’ head of public relations, told local
media. In Kenya’s case, in 2014, the company launched a channel called ST
Swahili, dedicated to Swahili content.

Among villagers who have watched Chinese shows, many said they found the
programming outdated, portraying Chinese characters in a one-dimensional
way, with shows often centred around stereotypical themes.

A quick flick through the guide shows a plethora of dating or
romance-centric shows, including a popular reality show called Hello, Mr.
Right, where contestants seek to find their perfect match. The format was
modelled on a similar show in China called If You Are the One.

For some at least, that content is a reason to continue the subscription.
Ariana Nation Ngotiek, a 21-year-old from Olasiti village, is “obsessed”
with certain shows, like the Chinese series Eternal Love, which is dubbed
into English. “I won’t go to sleep without watching it,” she said.

Football is the real crowd-puller

But football remains the ultimate attraction for African audiences. In 2023,
for example, the Africa Cup of Nations (Afcon) had a record number of nearly
two billion viewers globally, according to the Confederation of African
Football.

Aware of this business opportunity, StarTimes has heavily invested in
securing broadcasting rights for football matches, including Afcon, Spain's
La Liga and Germany's Bundesliga.

“Sports broadcasting is where StarTimes made its name,” explained Dr Lewis.

Competition is fierce, however, and SuperSport, a subsidiary of MultiChoice,
reportedly pays over $200m (£152m) annually for rights to broadcast the
coveted English Premier League.

After French football megastar Kylian Mbappé announced he was joining
Spain's Real Madrid, StarTimes seized the opportunity and erected huge
billboards in Nairobi that read “Feel the full thrill of La Liga”, followed
by the StarTimes logo.

However, this does not work for everyone.

One football fan told the BBC he would “rather enjoy the thrill of Premier
League.”

“The majority of Kenyans are not into La Liga, it's the English Premier
League that draws the audience,” explained Levi Obonyo, a professor at
Nairobi’s Daystar University.

 

A StarTimes advertisement billboard by a highway in Nairobi featuring the
tagline "Feel the full thrill of La Liga"

StarTimes is trying to attract customers through its coverage of Spanish
football

While China’s international-facing state broadcaster CGTN, is included in
its cheapest package, unlike the BBC and CNN, it does not draw in the
viewers.

“Yes, we also have Chinese news, but I don’t watch it,” said Lily Ruto, a
retired teacher in Kericho county. “What’s it called again? C something N? T
something N?” she laughed as she shrugged her shoulders.

Dr Dani Madrid-Morales, a lecturer at the University of Sheffield, echoes
that StarTimes has not revolutionised the [African] news environment.

Most villagers say they prefer local news channels. StarTimes understands
that. In fact, with over 95% of its 5,000-strong African staff being local,
according to a company spokesperson, it aims to present itself as
prioritising African voices.

One consultant to Chinese media companies in Africa said that StarTimes was
trying to avoid a repeat of what has happened to the likes of TikTok or
Huawei, whose overt Chinese-ness have attracted a high level of scrutiny in
the West.

Dr Lewis’ study of news stories from 2015 to 2019 reinforces this, noting
that most news stories mentioning StarTimes did not reference China or
China-Africa relations. The company appears careful not to overtly showcase
its Chinese roots.

 

>From talk of the town to a footnote

StarTimes as a private company has seen substantial success over the years,
and the "10,000 Villages Project" has pushed the company to a new level of
fame.

However, as Beijing hosts yet another FOCAC, the image-building effect of
the project that China had hoped for has failed to materialise.

"There was an attempt for the government to rebalance the information flow
that would put China under a positive light, but that has not materialised,"
said Dr Madrid-Morales. "The amount of money that has gone into this hasn’t
really benefitted the Chinese government all that much."

Many villagers the BBC spoke to were mostly concerned about content and
costs. As rusty as several of the satellite dishes themselves, the project,
once the talk of the town, has seemingly been relegated to a footnote in
China's soft-power outreach.

“Yes, we know it comes from China, but it makes no difference if no-one is
using it,” said Ms Chepkemoi, who has cancelled her StarTimes
subscription.-BBC

 

 

 

 

Young workers drive South Africa's video games industry

"During primary school, I would make games from paper and put them into a
ring bind file, cut out paper characters and move them through the pages,"
he says.

But his home town Middelburg, 100 miles east of Johannesburg, South Africa,
was not exactly a centre of video game production.

Nevertheless, his enthusiasm spurred him to train as a software developer
and to learn game development on the side.

His efforts were rewarded with a job at Johannesburg-based 24 Bit Games,
where he has been for just over a year.

"I do really enjoy the different and challenging work," he says.

 

Mr van der Walt, is now part of South Africa's small, but thriving, video
games industry.

Studio manager at 24 Bit Games Nicolina Visentin-E’Silva, proudly waves at
the "wall of fame" at the company's offices.

It displays titles the team has worked on, like the locally-flavoured
Broforce and Cocoon, which was nominated for four Bafta Games Awards in
2023.

Ms Visentin-E’Silva says her company has expanded along with the wider local
industry.

“Since I've been here, I have definitely felt an increase in all things
games.“

That growth has been noticed overseas - 24 Bit Games was bought by
Californian game publisher, Annapurna Interactive, in November.

Part of the success comes down to the increased availability of junior level
staff, who are being trained up by more university courses.

Plus, according to Ms Visentin-E'Silva, there's the local can-do culture.

“South Africans are just a different bunch,” she says with a laugh.

“We've always been adaptable. We are going to get the job done one way or
another, and we’ll do it professionally.”

Elna Schutz Studio manager at 24 Bit Games Nicolina Visentin-E’SilvaElna
Schutz

Nicolina Visentin-E’Silva and the "Wall of Fame" at 24 Bit Games

 

Arabella Rogerson, marketing manager at games studio Sea Monster, backs up
that point.

She says South African developers are comfortable working on games for both
the local market and international players.

The other attraction, she says, is that those developers are relatively
cheap compared with elsewhere in the world.

“It's kind of like all eyes are on Africa as the next frontier of where a
lot of creative influence will come for the world, which is an amazing space
to be in,” she says.

Despite the opportunity, the South African video games business remains
small.

The South African Cultural Observatory's review of the industry in September
2022 found that the sector was in its infancy, with about 50 studios.

Most of these were less than a decade old at the time, and not many were
making a significant income directly from game production.

At the time, about seven bigger studios had broken into the global gaming
market, though the focus was largely on service work not production from
scratch.

The review found that the growth potential for the industry was centred on
premium PC games that were more likely to be played abroad.

However, the country's lower cost of living made gaming professionals in the
country possibly more attractive, or at least competitive, in the global
sphere.

A study by Tshimologong, a technology development hub linked to the
University of the Witwatersrand, identified closer to 60 active studios, but
most of of these were very small and only made up of one or two people. The
few, larger studios were the ones driving the sector's growth.

 

Erik Prinz is in the early days of his career designing video games - he has
been at local games developer Nyamakop since 2022.

In high school, he saw a magazine article about a game design course opening
at the local University of the Witwatersrand.

“My best friend and I basically couldn't believe it,” he says. “We didn't
think that was a thing you could do in South Africa!”

Along with that friend, Rodwin Malinga, Mr Prinz went on to study
undergraduate and Master’s degrees at that university, and both men went on
to join Nyamakop.

Mr Malinga accepts that the South African industry is relatively small at
the moment, but is optimistic about the future.

“Though on the surface things may seem to be moving slowly right now, when a
lot of these new projects, teams, and companies reveal themselves, there is
going to be a massive wave of South African content in the industry.”

Carina Cristovao Rodwin Malinga with a beautiful blue ocean and sky behind
himCarina Cristovao

Rodwin Malinga sees a "massive wave" of South African games content coming

 

As well as having a new wave of game developers, South Africa is a growing
market for games themselves, points out Chris Beer, an analyst at GWI.

“South Africans are keen gamers, being more likely than the global average
to use the three big gaming devices – smartphones, PCs, and games consoles.”

In particular, there is a focus on sport-related options, like racing and
fighting games. South Africans are also most likely worldwide to use
gambling or betting applications, he says.

Over the last two decades, the local gaming and digital entertainment expo,
rAge, has seen a steady growth in not only audience interest but diversity.

“These days we’ve got a truly diverse cross section of South Africa coming
to the event, all ages, races, and genders,” says rAge project director,
Michael James.

He says he has seen people who grew up coming to the event as gaming
enthusiasts return as game developers.

Michael Konkol  Esports commentator, Sam Wright holding a microphone and
wearing an orange dressMichael Konkol

Sam Wright points out that gaming is too expensive for many young South
Africans

 

But there are challenges points out esports commentator Sam Wright - a well
known voice in the world of competitive gaming.

“We do have a gap in developing the audience because the majority of young
people that I speak to cannot actually afford to game because of the cost of
the [internet] data and the tech.”

She explains that data is more expensive in South Africa than other parts of
the world.

The gaming industry's overall move to digital products and subscriptions
rather than physical game copies, makes the cost issue even more difficult.

"We have a very active base of people with smartphones, but it's very
expensive for them to get online," she says.-BBC

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


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for guideline purposes only and d from third parties.

 


 

 


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