Major International Business Headlines Brief::: 04 September 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  04 September 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: KAA Set to Sign Deal With Adani Group After Due Diligence Mission

ü  Nigeria: Boeing-Nigeria Partnership to Boost Africa's Airline Growth

ü  Nigeria Struggles to Supply Gasoline to Its Consumers

ü  Ethiopian Airlines Halts Flights to Eritrea

ü  Nigerian Govt Not Paying Subsidy On Petrol - Presidential Aide

ü  Nigeria: We Will Eliminate Fuel Queues in Nigeria - Dangote

ü  Djibouti: Rising Tensions As Djibouti Faces Economic Strain, Somaliland
Stands Firm

ü  Africa: Make AI Work for Everyone, UN Chief Says

ü  Uganda Invites Diaspora to Engage in Oil and Energy Sector Growth

ü  South Africa: More Security Guards Picket At Western Cape Hospital Over
Unpaid Salaries

ü  Nigeria: Motorists Stranded As NNPC Stations, Others Shut Down Amidst
Uncertainties Over Pump Price

ü  Africa: Focac Offers a New Dawn for Africa-China Ties

ü  Rwanda: BPR Bank Rwanda Engages Entrepreneurs, Empowers SMEs With Key
Financial Insights

ü  Nvidia plunges almost 10% as global markets fall

ü  'No preaching' and other tactics as China woos African leaders

ü  Sanctioned oligarchs take stake in largest UK oil firm

 


 <mailto:info at bulls.co.zw> 

 


 

Kenya: KAA Set to Sign Deal With Adani Group After Due Diligence Mission

Kenya Airports Authority (KAA) is set to finalise a deal with India's Adani
Group following a due diligence mission currently underway in Mumbai,
officials said.

 

Kenya's state officials departed the country on Tuesday to meet with Adani
executives, amid growing domestic opposition to the proposed agreement.

 

A senior KAA official, speaking on condition of anonymity, told Business Day
Africa that the deal will be concluded once the team returns and is
satisfied with its findings.

 

"No agreement has been reached yet. The officials are in India for a due
diligence mission, after which the deal will be signed," the official said.

 

 

The visit comes shortly after Adani established a local subsidiary, Airports
Infrastructure PLC, which is expected to manage and modernise airports in
Kenya.

 

The company has proposed a Ksh97 billion investment to develop a new
terminal building, associated apron, taxiway system, and two rapid exit
taxiways at Jomo Kenyatta International Airport (JKIA).

 

JKIA, a strategic national asset built in 1978, faces challenges from aging
infrastructure that threaten its regional competitiveness.

 

The Kenyan Cabinet has approved a Medium Term Investment Plan for JKIA,
covering upgrades to the passenger terminal, runway, taxiway, and apron.

 

KAA noted previously that the required investment is substantial and cannot
be financed through existing fiscal resources, necessitating private
funding.

 

According to the agency, the project agreement will require stakeholder
engagement, approval from the National Treasury, clearance from the Attorney
General, and Cabinet approval, while assuring that no jobs will be lost.

 

Business Day Africa.

 

 

 

 

Nigeria: Boeing-Nigeria Partnership to Boost Africa's Airline Growth

Boeing has partnered with Nigeria's Federal Ministry of Aviation and
Aerospace Development to strengthen the West African nation's aviation
sector, a move expected to play a pivotal role in this growth.

 

The Memorandum of Understanding (MoU) signed between Boeing and Nigeria aims
to bolster the country's civil aviation ecosystem.

 

Nigeria's Minister of Aviation and Aerospace Development Festus Keyamo
highlighted Nigeria's strategic importance as Africa's largest economy and
most populous country, emphasising that this partnership aligns with the
priorities of President Bola Ahmed Tinubu's administration.

 

Africa is poised for significant expansion in its aviation sector, with
projections indicating the continent will see substantial growth in the
number of airlines in the next two years.

 

Boeing's Commercial Market Outlook indicates that Africa will require 1,170
airplanes over the next two decades, reflecting the continent's air traffic
growth, which is forecasted to outpace the global average.

 

Currently, more than 60 airlines operate approximately 500 Boeing airplanes
across Africa, representing nearly 70 percent of the continent's commercial
fleet.

 

Boeing will provide Nigerian airlines with planning workshops, training,
technical support, and assessments as part of a broader relationship with
the ministry.

 

This collaboration is expected to enhance the capabilities of local
operators, contributing to the overall growth of aviation in Africa.

 

Business Day Africa.

 

 

 

Nigeria Struggles to Supply Gasoline to Its Consumers

Abuja, Nigeria — Barely 48 hours after Nigeria's state-owned oil company
made a startling revelation, hundreds of commuters joined a line stretching
many kilometers for fuel at an NNPC outlet in the capital.

 

In a statement Sunday, Nigeria's state oil firm, NNPC Limited, said that
financial constraints are hampering its ability to import gasoline.

 

The statement acknowledged local media reports in July that the oil
regulator owed oil traders more than $6 billion -- double its debt compared
with April.

 

Nigeria depends on imports to meet its daily demand for gasoline -- more
than 66 million liters -- and NNPC is the sole importer of fuel.

 

Abuja resident John Prince said he'd been waiting in line for hours.

 

"When I came in the morning, they were not selling [gasoline]. They said
they were waiting for orders from above. [Now] I've been here for the past
two hours," he said.

 

 

Prince said that while customers waited, the gasoline station increased
prices by nearly 30%.

 

NNPC said the situation could worsen supply in coming days but also said it
is working with the government and other partners to fix the problem.

 

Fuel shortages have been recurring in Nigeria since last year, despite
Nigerian President Bola Tinubu scrapping the fuel subsidy.

 

Tinubu doubles as petroleum minister, but authorities later reinstated a
partial subsidy to curb inflation, the high cost of living and growing
public tensions triggered by economic reforms.

 

But the founder of the Center for Transparency Advocacy, Faith Nwadishi,
said corruption and incompetence are to blame.

 

"It's just a cocktail of corruption, impunity and no regard for the people
of the country," she said. "I think it's just another ploy to make Nigerians
pay for impunity. It's quite disheartening. This morning, I had to queue so
that I could get fuel to come out. You know -- man hours lost, no
productivity, and nobody is making any compensation for that. It's
unfortunate."

 

 

Last month, NNPC announced a record $1.9 billion in profits for 2023 but
said it was covering for shortfalls in the government's petrol import bill.

 

Ogho Okiti, an economic analyst, said, "Every other oil-producing country is
smiling now except Nigeria. So, it's a transparency problem. There's so much
uncertainty. And that heightened uncertainty and volatility will continue to
drive the price and, of course, drive the conditions that we see.

 

"As it is, we're losing in all ramifications -- we're paying exorbitant
prices for fuel, the government is not getting the resources, and the
exchange rate is worsening," Okiti said.

 

Meanwhile, authorities say the Dangote Oil Refinery in the Lagos area has
begun gasoline production and could supply up to 25 million liters this
month.

 

On Tuesday, the Nigerian Midstream and Downstream Petroleum Regulatory
Authority entered an agreement with the NNPC to sell crude oil to Dangote
refinery in the local currency, the naira.

 

If that happens, it could significantly address local supply issues and save
the country several billions of dollars in foreign exchange.

 

VOA.

 

 

 

 

Ethiopian Airlines Halts Flights to Eritrea

Ethiopian Airlines has suspended flights to neighbouring Eritrea starting
September 3 2024, citing difficult operating conditions.

 

The state-owned carrier did not specify the "difficult operating conditions"
but assured affected passengers they would be refunded or be rebooked on
other airlines at no additional costs.

 

Eritrea had earlier on said it would suspend all Ethiopian Airlines flights
with effect from September 30 2024.

 

"Ethiopian regrets to inform its valued customers travelling to/from Asmara
that it has suspended its flights to Asmara effective September 3,2024, due
to very difficult operating conditions it has encountered in Eritrea that
are beyond its control," Ethiopian Airlines said in a statement late on
Monday.

 

The airline is ranked the largest in Africa by revenue and profit by
International Air Transport Association - the global industry body.

 

The announcement on Asmara suspension comes at a time the Ethiopian Airline
is grappling with the potential loss of another route in the Horn of Africa,
as Somali authorities threaten to revoke its flying rights.

 

 

The Somali Civil Aviation Authority (SCAA) cited concerns including poor
customer experience and unresolved sovereignty issues as reasons for this
action.

 

In a letter published by state media, the SCAA expressed dissatisfaction
that Ethiopian Airlines had not adequately addressed previous complaints and
had failed to properly identify Somali destinations in its communications,
only using airport codes.

 

Ethiopian Airlines lists Hargeisa, the capital of Somaliland, on its website
without specifying the country, a practice that differs from how other
destinations are typically listed.

 

Additionally, the SCAA noted an increase in complaints from the Somali
public regarding their experiences when traveling with Ethiopian Airlines.

 

Business Day Africa.

 

 

 

 

Nigerian Govt Not Paying Subsidy On Petrol - Presidential Aide

This newspaper revelation came against the background of the government's
repeated denial of subsidy payments.

 

The Nigerian government has yet again denied the payment of petrol subsidy.

 

The Special Adviser to President Bola Tinubu on Information and Strategy,
Bayo Onanuga, in a statement posted on his X handle on Tuesday said the
government did not lie about the removal of fuel subsidies.

 

Last month, PREMIUM TIMES exclusively reported how the government pays an
average of N501.47 as subsidy on each litre of petrol in at least eight
Nigerian cities.

 

 

The subsidy payment is replicated across the remaining states of the
federation.

 

This newspaper revelation came against the background of the government's
repeated denial of subsidy payments.

 

On Tuesday, Mr Onanuga said the government has been faithful to its policy
that it was no longer going to pay fuel subsidies since the deregulation of
the sector in May last year.

 

"I have read a series of articles attacking the federal government for not
telling the truth about fuel subsidy payments, following NNPC Limited's
admittance it was owing suppliers some $6 billion.

 

"The truth is that there is no discovery. No lie uncovered. The government
has been faithful to its policy that it was no longer going to pay fuel
subsidies since President Tinubu announced the deregulation of the PMS
sector on 29 May 2023.

 

"Since then, subsidy provisions have disappeared from the budget. It was not
in the Supplementary budget of 2023, not in the 2024 budget and the amended
2024 budget," Mr Onanuga said.

 

 

He, however, criticised the report suggesting a return of fuel subsidies as
'giddy and not justifiable'.

 

"Rather what has unravelled was the commendable disposition of the oil
company owned by all the tiers of government to absorb the rising costs of
petrol at the pump and protect the Nigerian consumer.

 

"That generous disposition by NNPC Limited, backed by a compassionate
president unwilling to let the people suffer, has been under threat for
months, of the rising cost of crude and the devalued Naira," he said.

 

The president's spokesperson said the NNPC cried out recently because it can
no longer sustain the price differential on its balance sheet without
becoming insolvent.

 

He added that the situation has greater implications for the ability of the
three tiers of government to function as the NNPC has failed to pay into the
Federation Account, the money that should go to the government.

 

 

"There are no easy choices. Something must be done to make NNPC survive,
keep the engines of government running and petrol flowing at the pumps."

 

According to him, the unfolding and the game changer and big relief giver
may well be the Dangote refinery and other local refineries which will
become the fuel suppliers to the local market.

 

"When Dangote Refinery and other refineries, including government-owned Port
Harcourt Refinery, come fully on stream, our country and economy will
benefit on all fronts.

 

"There will be many good paying jobs that will be created along the value
chain. There will also be a drop in the huge demand for foreign exchange to
import petroleum products," he said.

 

Subsidy payment denial

 

In April, a former governor of Kaduna State, Nasir El-Rufai, said whether
the government admits it or not, the landing cost of petrol shows that there
is a form of subsidy being paid.

 

But Nigeria's Minister of Budget and Economic Planning, Atiku Bagudu, in an
interview with PREMIUM TIMES, maintained that Mr Tinubu's administration has
scrapped subsidies on petrol.

 

He referred to the Petroleum Industry Act, which gave autonomy to the NNPC
Ltd, as well as the policy decision of the Tinubu administration not to pay
subsidy on petrol.

 

There is a "public policy decision, rightly, commendably and boldly, that we
can't, as a nation, afford fuel subsidy," Mr Bagudu said.

 

Meanwhile, while Mr Bagudu insisted the Nigerian government is not paying
subsidies on petrol, the International Monetary Fund (IMF), in a report said
that the Nigerian government reintroduced petrol subsidy at the end of last
year.

 

The IMF said subsidy payment is expected to gulp almost half of Nigeria's
projected oil revenue this year. The implicit subsidy will cost Africa's
largest crude producer an estimated N8.43 trillion of its projected N17.7
trillion of oil revenue, the IMF said in the report.

 

In a draft copy report of the Accelerated Stabilisation and Advancement Plan
(ASAP) presented to Mr Tinubu by the Minister of Finance and Coordinating
Minister of the Economy, Wale Edun, in June, the government said fuel
subsidy is projected to reach N5.4 trillion by the end of 2024.

 

This, it said, compares unfavourably with N3.6 trillion in 2023.According to
a report by TheCable, Mr Tinubu approved a request by the Nigerian National
Petroleum Company (NNPC) Ltd to use the 2023 final dividends due to the
federation to pay for petrol subsidy.

 

In addition, the report said the NNPC told Mr Tinubu it will be unable to
remit taxes and royalties to the federation account for now because of the
subsidy payments, which it termed "subsidy shortfall/FX differential."

 

The report said the NNPC Ltd cried out to Mr Tinubu in June that the subsidy
payments were negatively impacting its cash flow and it was struggling to
remain a "going concern."

 

The company said it might be unable to sustain petrol imports because of the
ballooning subsidy bill, which it blamed on "forex pressure".

 

An Abuja-based policy think tank, Agora Policy, in a recent review of NNPC
Ltd's financial statement, showed that petrol subsidy is not only back "but
bigger than the prior era."

 

The think tank noted that the full figure for 2023 stood at N5.10 trillion,
almost double the record set in 2022. "With 4.2 trillion incurred in just
seven months, 2024 is set for an all-time record," the think tank said.

 

But announcing a net profit of N3.297 trillion at the close of the financial
year ending December 2023, last week, the Chief Financial Officer of the
NNPC Ltd, Umar Ajiya, claimed that the company was not paying subsidy on
petrol, saying the company was only taking care of petrol importation
shortfall between it and the federation.

 

Premium Times.

 

 

 

 

Nigeria: We Will Eliminate Fuel Queues in Nigeria - Dangote

On Monday, Devakumar Edwin, a vice president at Dangote Industries Limited,
said the 650,000 barrels per day Dangote Refinery has begun the processing
of petrol.

 

On Tuesday, the President of Dangote Group, Aliko Dangote, said petrol
refined at the Dangote Refinery will help eliminate all the fuel queues in
Nigeria.

 

Mr Dangote disclosed this in an interview with ARISE News on Tuesday at the
refinery in Lagos.

 

On Monday, Devakumar Edwin, vice president at Dangote Industries Limited,
said the 650,000 barrels per day Dangote Refinery has begun the processing
of petrol.

 

 

Mr Edwin explained that The Nigerian National Petroleum Company Limited
(NNPC Ltd), Nigeria's sole importer, would buy its product exclusively.

 

Speaking on Tuesday, Mr Dangote said this represents a very historic
monumental achievement.

 

"This represents a very historic monumental achievement which I think I must
congratulate the people of Nigeria and the government of President Bola
Ahmed Tinubu for giving us all the support to be where we are today.

 

"This achievement, really you are right, in the last 28 years, we haven't
really had this sort of achievement, but you can see that even there's a
video of 1974 in which we had fuel queues, and those fuel queues are still
here.

 

"This will eliminate all fuel queues in Nigeria. This will improve the
health of everybody, this will also make sure that there is consistent
supply to the market, it will also bring the real demand of Premium Motor
Spirit (PMS), no paper transaction," he said.

 

 

He explained that it will also help to make sure that it corrects the
distortion of the naira while noting that it will bring stability, growth,
and development.

 

"So, we want to thank Nigerians for being behind us to be where we are
today, but this is a very very historic moment," he said.

 

Commending President Tinubu for the naira for the crude initiative, Mr
Dangote said the initiative would create stability for the naira, as it will
address 40 per cent of the demand for dollars in the market.

 

Speaking further, he said the refined products from the refinery will be
distributed in the Nigerian market, as soon as the company finalises
arrangement with the NNPC Ltd.

 

"Today is a very special day, which I think Nigeria has not produced petrol,
which is gasoline, for very many years. But I stand with you today, I would
like to salute the people of Nigeria and the government of President Bola
Tinubu for creating the environment for us to thrive and also achieve this
monumental task of giving energy to our people for growth, development and
prosperity.

 

"As you know, there's quite a lot of what you call round-tripping, where
people now do documentation and the fuel does not come into Nigeria. So
right now, as we have this refinery working, it will show the true
consumption of Nigeria. We can track every single loaded truck and we will
try as much as possible to track the loaded ships, trucks who can tell you
where they are.

 

"Just like now, in some of the projects that we do, we can tell you exactly
the consumption pattern. And I hope this refinery will actually change the
entire dynamics, not only in Nigeria, but in sub-Saharan Africa. The
capacity that we have will not only meet up with the Nigerian demand, but it
will also meet up with the demand of sub-Saharan Africa, at least," he said.

 

Fuel scarcity

 

In recent months, petrol scarcity hit major cities across Nigeria, with
attendant effects on businesses and households.

 

This also prompted commercial bus drivers to increase fares in major towns
and cities, including the nation's capital. As a result, black marketers
made brisk business selling to willing buyers at higher prices ranging from
N1,000 to N1,200.

 

Earlier on Tuesday, PREMIUM TIMES observed that NNPC Ltd outlets in the
Central area of Abuja, the Federal Capital Territory, adjusted the pump
price of petrol to N897 as motorists and commuters grumbled amid the
uncertainty.

 

Premium Times.

 

 

 

 

Djibouti: Rising Tensions As Djibouti Faces Economic Strain, Somaliland
Stands Firm

The Djibouti regime is facing increasing challenges, with economic pressures
mounting and a growing sense of insecurity taking hold.

 

The rise of Berbera port in Somaliland as a significant competitor has
highlighted the vulnerabilities in Djibouti's economic model, which has
heavily relied on its port sector and Ethiopian trade.

 

Djibouti's external public debt has surged from 33.9 percent of GDP in 2013
to 68 percent in 2022, driven largely by loan-financed investments in
state-owned enterprises, including the port and railway sectors.

 

The World Bank has expressed concerns about the sustainability of this
approach, particularly as Berbera Port emerges as a formidable competitor.

 

Rather than adapting to this new competitive landscape, Djibouti appears to
be taking a more confrontational path.

 

The country has opposed the Memorandum of Understanding between Somaliland
and Ethiopia, signed a military pact with Turkey, and allegedly recruited
militias to destabilise Somaliland.

 

 

Reports from within Djibouti suggest that the regime may even be planning
false flag operations to justify military action against western Somaliland.

 

Somaliland, for its part, has shown restraint in the face of these
provocations but remains resolute in its commitment to defending its
sovereignty and territorial integrity. The people of Somaliland are prepared
to resist any aggression with determination.

 

Djibouti's leadership would be wise to reconsider its approach and pursue
diplomatic solutions to its economic and security issues. The international
community also has a role to play in preventing regional instability and
supporting Somaliland's right to economic independence.

 

Badri Jimale is a follower of Horn of Africa affairs and an advocate for
pragmatic solutions.

 

Business Day Africa.

 

 

 

 

Africa: Make AI Work for Everyone, UN Chief Says

The UN Secretary-General on Tuesday called for global cooperation in sharing
the transformative potential of artificial intelligence (AI), warning that
unequal access could exacerbate global inequalities.

 

"AI capacities today are concentrated in a handful of powerful companies -
and even fewer countries. Meanwhile, too many countries face significant
challenges in accessing AI tools," António Guterres told a forum on
artificial intelligence capacity building, in Shanghai, China.

 

Bridging that gap is all the more important given AI's potential for
sustainable development. With many of the Sustainable Development Goals
(SDGs) targets off track, artificial intelligence can help rescue the
development agenda.

 

 

"To truly harness AI's potential, we need international cooperation - and
solidarity," Mr. Guterres added.

 

Risks also uneven

 

The UN chief also stressed that just as the benefits of AI are unevenly
distributed, so too are the risks.

 

"Without adequate guardrails, AI could further exacerbate inequalities and
digital divides and disproportionately affect the most vulnerable," he
warned.

 

"We must seize this historic opportunity to lay the foundations for
inclusive governance of AI - for the benefit of all humanity."

 

Unique opportunities

 

Mr. Guterres noted the upcoming Summit of the Future, where Governments are
expected to endorse a new Global Digital Compact, as a crucial forum to
achieve just that.

 

 

He also highlighted ongoing efforts across the UN system.

 

For instance, in its final report this month, the UN's High-level Advisory
Body on AI is expected to outline a series of recommendations, including
creating an AI Capacity Development Network, establishing a Global AI Fund
for SDGs and developing a Global Data Framework for local AI ecosystems.

 

Official visit to China

 

The Secretary-General is on an official visit to China, where he will take
part in the 2024 Summit of the Forum on China-Africa Cooperation, in Beijing
on Thursday morning (local time).

 

He will also meet with senior Government officials, as well as with the UN
offices and agencies in country.

 

Over the weekend, Mr. Guterres was in Singapore where he met with President
Tharman Shanmugaratnam, Prime Minister Lawrence Wong, and other senior
officials.

 

UN News.

 

 

 

 

Uganda Invites Diaspora to Engage in Oil and Energy Sector Growth

In her keynote address, Nankabirwa highlighted the progress made in Uganda's
oil and energy sector and invited Ugandans in the diaspora to take a keen
interest in the opportunities it presents.

 

The Ugandan government has called on Ugandans living abroad to find ways of
engaging with and contributing to the country's burgeoning oil and energy
sector.

 

Speaking at the 36th annual Ugandan North America Association (UNAA)
convention in Washington DC, the Minister for Energy and Mineral
Development, Ruth Nankabirwa, emphasized the importance of the diaspora's
involvement in this critical industry.

 

 

In her keynote address, Nankabirwa highlighted the progress made in Uganda's
oil and energy sector and invited Ugandans in the diaspora to take a keen
interest in the opportunities it presents.

 

"The sector has progressed significantly, and it is vital for our people
abroad to explore mechanisms to tap into the local content," she urged.

 

The Minister also encouraged the diaspora community to move beyond divisive
politics and focus on contributing positively to the development of their
homeland.

 

"We need to rise above divisive politics and actively participate in the
growth of Uganda," Minister Nankabirwa stated.

 

She praised the UNAA members for their continued unity and dedication to
organizing such conventions, which serve as a platform for ideas and
collaboration.

 

Ms Nankabirwa assured the diaspora community that the Ugandan government,
alongside Parliament, remains committed to maintaining strong connections
with Ugandans abroad.

 

"The government will not tire, just like Parliament, in sponsoring ministers
and legislators to engage with you, listen to your ideas, and ensure that
your voices are heard," she added.

 

Nile Post.

 

 

 

 

South Africa: More Security Guards Picket At Western Cape Hospital Over
Unpaid Salaries

A group of security guards employed by Golden Security Services downed tools
at Heideveld Day Hospital on Tuesday over salary payment.

This comes after security guards working at Groote Schuur Hospital also went
on strike last week over similar salary issues.

Golden Security Services says the salary issues will be sorted as soon as
workers fill out "pay query" forms.

More security guards employed by Golden Security Services downed tools on
Tuesday, this time at the Heideveld Day Hospital, over salary disputes.

 

 

On Friday, GroundUp reported that about 80 security guards stationed at
Groote Schuur Hospital in Cape Town, also employed by Golden Security
Services, picketed. They demanded pay which they say monies is owed to them.
They had been on strike for five days.

 

On Tuesday, a similar strike took place at Heideveld Day Hospital. When
GroundUp arrived, about 30 security officers in uniform were gathered at the
gates. They said they started work with the company on 1 July.

 

Abonga Zuma, a senior security officer, said, "Golden Security Services
keeps paying us on different dates, paying our salaries in short, and then
tells us that we need to hand in payment queries [forms] if we want our
outstanding amounts ... I am owed R3,500."

 

Zuma said his 12-hour shift included listening and attending to client
complaints, helping at the trauma ward, and manning the main gate. Zuma said
his salary has to cover caring for his elderly mother, aunt and his
children. "How am I going to do all of that with R6,000 per month?" asked
Zuma.

 

 

Siphendulele Qobo has four children. He said he doesn't know how he will pay
his expenses this month. He said R703 had been deducted for leave without
pay, even though he did not take leave. He complained about "a lack of
communication from the management".

 

Father of one, Nkululeko Ngadlela showed GroundUp his payslip. His ID number
was wrong and has never been corrected despite him raising it with the
company. He said he is owed almost R2,000.

 

Speaking to GroundUp at the site, Golden Security Services' operations
managers Nkosinathi Sopazi and Monde Maqula said salary payments were made
on 24 August but did not yet reflect in everyone's bank accounts.

 

"On the issue of pay queries, I will agree and disagree. Some do have
legitimate pay queries, but some pay queries are because they do not
understand that there are deductions," said Sopazi.

 

 

Deductions on payslips seen by GroundUp were for PSIRA (Private Security
Industry Regulatory Agency), Affinity Health (insurance), PAYE, Provident
Fund, Bargaining Council, UIF, leave without pay and illegal strike. On some
of the payslips under "illegal strike" certain guards had R1,000 deducted
from their wages.

 

Sopazi said, "If you say the company owes you money, you must submit a pay
query and if the company made a mistake, we would definitely acknowledge
that and pay."

 

Asked about the incorrect ID numbers, Sopazi said it was "human error".

 

According to Sopazi, Golden Security Services had offices in several
provinces, but in Cape Town they are based in Bellville.

 

Provincial Department of Health spokesperson Dwayne Evans said, "We are
aware of the continued dispute between some contracted security staff and
their employer affecting limited facilities in Cape Town."

 

"The matter has again been discussed with the relevant security company and
some engagements with their staff have taken place. Our teams have been able
to make temporary arrangements to ensure the safety of our staff, patients
and visitors."

 

As of 4pm on Tuesday, Ngadlela told GroundUp that no agreement had been
reached between the employees and Golden Security Services management
regarding payments.

 

GroundUp also met security guards at Mowbray Maternity Clinic working for
Golden Security Services that were also disputing their wages. They said
they were not on strike and also said they could not speak to the media.

 

"We have a crisis here with this new security company who doesn't want to
pay us," a guard said.

 

GroundUp.

 

 

 

 

Nigeria: Motorists Stranded As NNPC Stations, Others Shut Down Amidst
Uncertainties Over Pump Price

By Mary Izuaka, Abdulkareem Mojeed, Jonathan Ojo, Saviour Imukudo, Mariam
Illeyemi and Abubakar Maishanu

This comes amidst speculations that the state-owned oil company plans to
raise petrol pump price from the current N617 per litre to above N1000.

 

As Nigerians continue to face hardship occasioned by the fuel scarcity
across the country, several Nigerian National Petroleum Company Limited
(NNPC Ltd) stations in major cities were shut against motorists as the
uncertainties surrounding pump price heightened Tuesday morning.

 

PREMIUM TIMES correspondents who visited petrol stations across major
Nigerian cities Tuesday found that some of the stations were shut while
others were besieged by motorcyclists, tricycle owners, as well as private
and commercial drivers.

 

 

This newspaper also found that some independent stations were equally shut.

 

As of 8 a.m. no NNPC fuel station sold petrol to motorists along Lugbe
Airport Road and Ushafa, Bwari and Central Business District in Abuja, the
nation's capital.

 

This is coming amidst speculations that the state-owned oil company plans to
raise petrol pump price from the current N617 per litre to above N1000.

 

Directive to stop selling

 

This newspaper found that Matrix filling station along Gosa road was opened
but commercial drivers and other customers were not attended to. One of the
pump attendants told PREMIUM TIMES that there is a directive to stop selling
the product.

 

"We have been selling for N710 since morning but we just got an order now to
stop selling," the fuel attendant, who refused to have her name because she
is not authorised to speak, said.

 

 

Similarly, at Mobil filling station located along the airport road, Lugbe,
there was a long queue of motorists scrambling to get petrol. Shafa filling
station, located along the airport road, was under lock and key Tuesday
morning.

 

When PREMIUM TIMES visited Conoil filling station located beside the NNPC
fuel station in Lugbe, a crowd of motorists struggled among themselves to
buy petrol Tuesday morning.

 

An official at the Conoil filling station said: "We have not gotten any
directive to stop selling. As you can see we are selling for N660. But it is
just two of our pumps that are dispensing."

 

When PREMIUM TIMES arrived at one of the NNPC outlets in Lugbe, the
attendants had stopped dispensing to customers, but some of the motorists
refused to leave the petrol station.

 

 

"We are supposed to be selling since morning but we are asked to stop. We
are waiting for orders from above. But we heard that they might increase it
to between N700 - N710," a pump attendant told this newspaper.

 

At the NNPC station located at the Central Business District, along GSM
village, the station manager told PREMIUM TIMES that they were expecting "an
order from above" before they could begin dispensing fuel.

 

"The way our leaders are controlling us in this country is so unfortunate.
They just informed us this morning to stop selling the product because they
want to increase the price. They are currently adjusting the price and as
soon as they are done it will reflect on the pump," the station manager
said.

 

Many of the attendants who spoke to PREMIUM TIMES in some of the outlets
explained that they declined to sell petrol in anticipation of a price hike
Tuesday morning.

 

At Ushafa, Bwari, the pump attendant confirmed a directive from the
headquarters to hold sales until further instructions which may either be an
increase or decrease in pump price.

 

But as of 7.37 a.m. the pump price remained at N617.

 

Katsina, Kano, Jigawa

 

In Katsina metropolis, PREMIUM TIMES found that a litre is being sold at
N980 in most of the filling stations while some sell for N900.

 

"I've also bought N920 at a popular petrol station on airport road, Lolo
Dakare at N920.

 

"This morning, Sandton Petroleum Station on Government House road, Modoji
sells at N980. Katsina Global Resources also in Modoji sells at N975. Dan
Marna Petroleum sells at N900 in the state. Meanwhile, just confirmed that
two NNPC stations and a NIPCO station on Mani road have all been closed
since Friday last week," a resident in the state said.

 

In Jigawa, this newspaper found that as of 10.49 a.m, fuel sold at N950 per
litre across stations, but the NNPC outlet in Dutse, the state capital,
remained close.

 

The situation was the same in Kano as of press time Tuesday morning.

 

Lagos, Ogun states

 

At Akute-Alagbole road, Ogun State, PREMIUM TIMES found a long queue of
buyers at the NNPC outlet.

 

Motorists said they have been waiting since 5.a.m to buy fuel at N580 per
litre, a price lower than the over N900 per litre charged by nearby stations
like Mobil, causing frustration among drivers and motorcyclists.

 

 

In Lagos, the NNPC outlet on Awolowo road, displayed N855 as the pump price
when PREMIUM TIMES arrived Tuesday morning.

 

At Agbelekale, Abule Egba, Command Secondary School road, a fuel attendant
said they got an "order from above" to stop selling around 10 a.m Tuesday
morning.

 

Akwa Ibom State

 

A long queue was formed by motorists at NNPC mega station in Itam along Ikot
Ekpene Road in Uyo, Akwa Ibom State.

 

PREMIUM TIMES reporter at the scene found that the premises is under lock
and key with a petrol truck inside.

 

No sales was going on as of 9.43 a.m. as car owners complained bitterly
about the situation.

 

Government denies increase

 

But in its reaction to the scarcity and anticipation of a hike in prices,
the Nigerian government denied reports suggesting it ordered the NNPC Ltd to
sell fuel at N1,000 above the approved pump price.

 

Nneamaka Okafor, the special adviser on media and communication to the
Minister for State, Petroleum Resources (Oil), Heineken Lokpobiri, in a
statement on Tuesday said "the federal government is compelled to address
the outright falsehoods currently being circulated on social media, which
claim that the Mr Lokpobiri, has directed the Nigerian National Petroleum
Company Limited (NNPC Ltd) to inflate petroleum prices to one thousand Naira
(N1000) above the approved pump price.

 

"We categorically condemn these claims as baseless, malicious, and a
deliberate attempt to incite public discontent. We challenge anyone in
possession of any evidence-be it written documents, audio, or video
recordings-that supports these fabrications to make it public. Such a claim
is entirely devoid of truth and should be recognized as an intentional
effort to mislead the public," the spokesperson said.

 

She said it must be stressed that NNPC Ltd operates as an independent entity
under the Companies and Allied Matters Act (CAMA), with a fully empowered
Board of Directors.

 

"The Ministry of Petroleum Resources does not, and will not, interfere in
the internal decisions of NNPC Ltd, including pricing matters. Any
suggestion otherwise is not only incorrect but also reveals a profound
misunderstanding of the deregulated nature of Nigeria's petroleum sector.

 

"The public is hereby strongly advised to dismiss these malicious rumors.
The Honourable Minister cannot, and does not, direct NNPCL or any other
entity within the sector to manipulate prices. Any claim to the contrary is
nothing more than an ill- conceived attempt to sow discord and confusion.

 

"We urge all Nigerians to remain vigilant and rely solely on information
from verified and official channels," she said.

 

Olufemi Soneye, the chief corporate communications officer of NNPC Ltd,
declined to comment on the matter when reached Tuesday morning.

 

Premium Times.

 

 

 

 

Africa: Focac Offers a New Dawn for Africa-China Ties

The Forum On China-Africa Cooperation (FOCAC), which kicks off this week,
marks a significant milestone in the burgeoning relationship between China
and Africa. As the premier platform for high-level dialogue and cooperation
between the two continents, FOCAC has played a pivotal role in fostering
economic growth, infrastructure development, and cultural exchange.

 

President Paul Kagame is leading the Rwandan delegation to the high-level
summit.

 

ALSO READ What to expect at upcoming China-Africa cooperation summit

 

The success of FOCAC hinges on a mutually beneficial engagement that
addresses the specific needs and aspirations of both China and Africa.
African countries must approach this forum with a clear understanding of
their priorities and expectations.

 

 

It is imperative that they articulate their goals in areas such as
infrastructure development, human capital development, technology transfer,
and trade.

 

ALSO READ: Kagame in Beijing for China-Africa cooperation summit

 

Moreover, African countries should actively seek to diversify their economic
partnerships and reduce their dependence on any single country.

 

While China has undoubtedly made significant contributions to Africa's
development, it is essential to explore other avenues of cooperation and
investment to ensure a more resilient and sustainable future.

 

In addition to economic considerations, FOCAC presents an opportunity for
China and Africa to strengthen their cultural ties and promote mutual
understanding. By fostering people-to-people exchanges, educational
collaborations, and cultural events, we can build bridges of friendship and
cooperation that will endure for generations to come.

 

ALSO READ: Kagame: A stronger Africa is an opportunity, not a threat

 

As we embark on this new chapter in Africa-China relations, let us commit to
a partnership that is based on mutual respect, equality, and shared
prosperity. By working together, we can unlock the full potential of our
continents and create a brighter future for generations to come.

 

New Times.

 

 

 

 

Rwanda: BPR Bank Rwanda Engages Entrepreneurs, Empowers SMEs With Key
Financial Insights

BPR Bank Rwanda hosted a session at Norrsken House Kigali, on Tuesday,
September 3, designed to facilitate conversations with entrepreneurs and
encourage the exchange of ideas and knowledge.

 

This initiative was launched three months ago in partnership with Norrsken,
to support small and medium enterprises (SMEs), according to Arsene
Ibambasi, Senior Manager of SMEs at BPR Bank Rwanda.

 

"Today, we discussed many of BPR's products so that SMEs can understand
their options and know what's available to them. This approach is part of
what we call non-financial services," he said.

 

ALSO READ: BPR Bank Rwanda reports 24% increase in H1 operating income

 

 

Among the products introduced was the Goal Account, a savings tool designed
to help entrepreneurs and employees save.

 

"The Goal Account is unique because it can automatically deduct money from
your account to ensure you reach your set savings goal," Ibambasi noted.

 

Another key product discussed was Invoice Discounting, a solution for
businesses waiting for payments on public sector contracts. "If a client has
issued an invoice and is waiting to be paid, we can provide them with the
money upfront, allowing them to continue their operations. They then have 90
days to repay," he said.

 

With over 70 branches and more than 40,000 SMEs under their guidance, BPR
Bank Rwanda is deeply invested in the growth of local businesses.

 

However, Ibambasi acknowledged the ongoing challenge of collateral for SMEs.

 

 

"Collateral remains an issue, but that's why we have multiple partnerships.
Through Business Development Fund (BDF), for example, women and special
groups can receive up to 75 per cent support, while others can get 50 per
cent. We are also onboarding other partners to assist businesses that lack
collateral but are operational," he said.

 

ALSO READ: BPR Bank promises new prospects for customers in three-day
roadshow

 

Abraham Agustine, Communications and Programs Leader at Norrsken, explained
that sessions are a regular part of their mission to support entrepreneurs.

 

"Today's session brought together these elements, people networking,
engaging with banking professionals, and gaining new information. The goal
is for these interactions to eventually lead to capital allocation," he
noted.

 

Agustine said there is hope that the conversations from the session will
lead to concrete partnerships. "Whether in product development, go-to-market
strategies, or other forms of support, we want these connections to turn
into something tangible. That's why we are here, to bridge the gap between
having an idea or a small business and taking it to the next level," he
said.

 

 

He noted Norrsken's partnership with BPR Bank Rwanda as a key component of
their ongoing efforts. "We will continue to have these discussions with BPR
and other partners to support entrepreneurs on their journey," he added.

 

Agustine also noted the success stories of companies that have grown from
small startups at Norrsken to big businesses.

 

"Some of our early members have expanded to Kenya and are now generating
revenues of $20 to $50 million a year. This validates the importance of our
work and shows that great things can come from small places," he said.

 

An entrepreneur Davis Musiu who is the CEO and co-founder of Quantum
Investments Limited, commended the openness and responsiveness of BPR Bank
Rwanda during the session focused on their products and services.

 

"We had the opportunity to ask questions directly to the heads of
departments and key figures at the bank, and they provided insightful and
interesting answers," he said.

 

He also noted the bank's willingness to collaborate with startups, which he
sees as important for young businesses.

 

"The bank's openness to partnerships has been a key takeaway from this
session. They are willing to explore proof of concepts and have encouraged
us to visit their head office to continue discussions," he said.

 

Musiu also noted the bank's efforts to improve loan accessibility for SMEs,
noting, "They informed us about various loan products and their ongoing work
to enhance services, especially for SMEs where data availability is often a
challenge," he added.

 

New Times.

 

 

 

 

Nvidia plunges almost 10% as global markets fall

UK shares dropped on Wednesday morning following falls in Asian and US
markets as concerns grow about the world's largest economy.

Data showed US manufacturing activity remains subdued, with investors now
focussed now on US jobs figures due on Friday.

American chip giant Nvidia was hit particularly hard, slumping by almost 10%
as optimism about the boom in artificial intelligence (AI) dampened.

Despite the sharp fall, Nvidia's shares are still worth double their value a
year ago.

 

The FTSE 100 index, which comprises the largest companies on the London
Stock Exchange, dropped 0.76% in early trading, with major European indexes
also down.

Market watchers are now trying to second-guess how the Federal Reserve, the
US central bank, will respond when it meets to decide interest rate policy
next week.

"Growth concerns are dominating market moves," Julia Lee at FTSE Russell
told the BBC.

In New York on Tuesday, the S&P 500 index closed more than 2% lower, while
the technology-heavy Nasdaq fell by over 3%.

Nasdaq-listed Nvidia fell by 9.5%, wiping $279bn (£212.9bn) off its stock
market valuation.

Over the longer term however Nvidia shares are still worth nine times their
price in November 2022, when the launch of ChatGPT set off the current bout
of interest in AI, prompting a surge in demand for Nvidia's chips.

Other US tech giants — including Alphabet, Apple and Microsoft — also saw
their shares tumble on Tuesday.

On Wednesday morning, Japan's Nikkei 225 was down 4.4%, South Korea's Kospi
was trading 3% lower and the Hang Seng in Hong Kong dropped by 1.3%.

Major Asian technology firms including TSMC, Samsung Electronics, SK Hynix
and Tokyo Electron were sharply lower.

Asian markets have performed less strongly over the last year, with the
Shanghai and Hong Kong indexes lower over the twelve months. Japan's Nikkei
is up 12% over the year, however.

"Concerns around global growth look to be hitting exporting countries in the
region particularly hard," Ms Lee added.

As well as next week's interest rate decision in the US, investors will be
waiting for Friday's US jobs market report, to provide further signs on the
direction the US economy is taking.

Swetha Ramachandran, fund manager for Artemis Investment Management in
London, said Tuesday's US share falls were a sign that investors were
beginning to doubt the Federal Reserve would make a large cut in interest
rates.

Nvidia’s slide was a matter of “expectations catching up with reality” for
the AI giant, she told the BBC.

“[Nvidia] did report results last week where it alluded to a natural and
expected deceleration in growth: from having delivered 122% growth in the
second quarter it expects to deliver 80% growth in the third quarter,” she
said.

The fall might also be a reaction to reports that the US Department of
Justice had issued a subpoena, requiring the firm to give evidence over
anti-trust issues, she added.

The Department of Justice declined to comment.-BBC

 

 

 

'No preaching' and other tactics as China woos African leaders

With pomp and splendour, China has welcomed more than 50 Africans leaders to
Beijing this week for a summit to strengthen ties at a time of increasing
political and economic turmoil around the world.

 

“It appeals to their vanities,” Macharia Munene, a Kenya-based professor of
international relations tells the BBC, referring to the red carpet welcome -
spiced up with entertainment by dancers in colourful costumes - that the
leaders received.

The optics were carefully choreographed to make the leaders feel that it is
a meeting of equals.

Many of them - including South Africa's President Cyril Ramaphosa and
Kenya's William Ruto - held one-to-one meetings with their Chinese
counterpart Xi Jinping and were given tours of Beijing and other cities at
the heart of China's development ahead of the summit.

As Prof Munene puts it, China's aim is to show African leaders that "we are
in the same boat, we are all victims of Western imperialism".

Paul Frimpong, executive director of the Ghana-based Africa-China Centre for
Policy and Advisory, says that Western powers - as well as oil-rich Gulf
states - are trying to match China's influence in Africa.

 

“There is a keen interest and competition in and around what Africa’s
potential is,” he tells the BBC.

Cobus van Staden, co-founder of the China-Global South Project, writes that
China goes out of its way to emphasise its own status as a developing
country, signalling solidarity with Africa and the rest of the Global South.

"It avoids the dreariness of the US and EU’s ongoing aid focus with its
attendant conditionality and preaching,” he adds.

 

Getty Images Customers try make-up at the Shein pop-up store in Mall of
Africa on in Johannesburg, South Africa - August 2024Getty Images

Shein, a company founded in China in 2012, has built a presence in South
Africa

Over the last two decades, China's diplomacy has paid off. Out of all the
countries in the world, it has risen to become Africa's largest trading
partner.

Data from the International Monetary Fund (IMF) shows that a fifth of
Africa’s exports go to China, the bulk of which includes metals, mineral
products and fuel. The exports have quadrupled in US dollar terms since
2001.

For African countries, China is also the “single largest source of imports"
of manufactured goods and machinery, according to the IMF.

But the balance of trade, in most cases, favours China massively.

This is something Mr Ramaphosa sought to address in his bilateral meeting
with President Xi.

“We would like to narrow the trade deficit and address the structure of our
trade,” South Africa's president said.

A joint communique issued afterwards said that “China showed it was willing
to uplift job creation, citing recruitment conferences for Chinese
enterprises to promote local employment in South Africa".

Kenya, on the other hand, is seeking more credit, despite a heavy debt
burden that gobbles up nearly two thirds of its annual revenue and which
recently triggered street protests after the government sought to introduce
new taxes to fund the budget deficit.

Mr Ruto hopes to secure funding for various infrastructure projects,
including the completion of the Standard Gauge Railway (SGR) to connect
Kenya's coast to neighbouring Uganda, the building of roads and dams, the
establishment of a pharmaceutical park and a technology-driven transport
system for the capital, Nairobi.

After connecting Nairobi to the port city of Mombasa, China discontinued its
financing of the controversial SGR four years ago, leading to rail tracks
ending in a field outside the lake city of Naivasha.

 

Getty Images Incomplete rail tracks for the Standard Gauge Railway (SGR)
line lay on the ground in Kenya - May 2019Getty Images

Kenya's President Ruto hopes to revive the rail project that China abandoned

As a major bilateral lender to many African countries, China has often come
under scrutiny for its deals, particularly in recent years when several
African countries, including Ghana, Zambia and Ethiopia, experienced debt
distress.

Debt sustainability is at the centre of discussions at every major forum on
Chinese and African relations, and it is likely to be the case at the latest
summit as well, Mr Frimpong says.

The debt crisis is a reminder that foreign powers are motivated by their own
interests - and African states need to improve their economies and finances
in order to reduce their reliance on them.

This is especially the case as the IMF predicts that China’s economic growth
will continue to slow - and recommends that African countries adapt by
deepening regional economic integration and implementing structural reforms
to increase local revenue.

Most of all, as Dr Van Staden points out, African leaders need to "overcome
the velvet rope aspect of these summits to make their own deals, set their
own terms, and throw their own parties".-BBC

 

 

 

 

Sanctioned oligarchs take stake in largest UK oil firm

Two sanctioned Russian oligarchs have become part-owners of the UK's largest
oil producer after it completed a deal to buy a German firm.

LetterOne, the investment company part-owned by oligarchs Mikhail Fridman
and Petr Aven, now owns nearly 15% of Harbour Energy.

LetterOne itself is not sanctioned, and the two Russians have no contact
with the firm and don't receive any share of its profits.

Harbour Energy is the largest oil and gas producer in UK waters. It has
bought most of the oil and gas production assets of a Germany-based firm,
Wintershall DEA, from the chemicals giant BASF.

 

LetterOne was a part-owner of Wintershall, and shares have been exchanged
for shares in Harbour Energy.

Some of Wintershall's Russia-linked assets, including a joint venture with
Gazprom, are not part of the deal and remain with BASF.

Under the terms of the deal, LetterOne will have no voting rights in Harbour
Energy, but it will receive a share of Harbour's profits paid as dividends.

LetterOne's shares could potentially convert into voting shares if the two
Russians cease to be sanctioned.

LetterOne owns a diverse range of assets around the world, worth $18bn
(£13.8bn), including the health food retailer Holland and Barrett.

Fridman and Aven were sanctioned in March 2022 shortly after Russia invaded
Ukraine. Together they own just under 50% of the group. Most of the rest is
owned by another Russian, Andrei Kosogov, who is not sanctioned.

The government forced LetterOne to sell a regional broadband provider, Upp,
in 2022 over fears that it represented a "risk to national security".

LetterOne denied this and is appealing the decision.

Louis Wilson, head of fossil fuel investigations at campaign group Global
Witness, said: "The UK government and Harbour should have run a mile from
this deal.

“A company part-owned by sanctioned Russian oligarchs, which the Tories
considered too much of a security risk to own a few thousand UK broadband
connections, has been given a big chunk of the UK’s biggest oil producer.

"Oligarchs should have no place in the UK’s energy industry’’.

A LetterOne spokesperson said: "LetterOne is committed to making long-term
investments in businesses that matter.

“We are proud to be part of a bigger, stronger UK energy business that will
bolster energy security, increase investment and create jobs while helping
deliver the nation's ambitious energy transition goals."

Harbour Energy declined to comment.-BBC

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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